By Markus Heitkoetter
Stocks ended the day mixed. But it could have been worse.
A disappointing consumer confidence report led to an early sell-off and in just 35 minutes of trading the S&P was down .7%.
Just when it looked like things were going to get bad, the markets turned around and were back in positive territory. At day’s end the S&P was 6 point higher. The S&P wrapped up the day with a .3% increase and close at 2114.76.
The DOW ended the day with a 72 point gain. With a .4% increase the DOW closed at 18110.14.
Meanwhile the NASDAQ struggled. The NASDAQ spent most of the day in negative territory and finished the session .1% lower with a close of 5055.42.
The drop was largely due to a loss in Apple (AAPL). Although Apple beat earnings and estimates AAPL ended the day 1.58% lower with a close of $130.56.
Tomorrow’s FOMC Statement at 2pm ET will be closely watched. We typically have nervous or quiet markets in early trading as traders wait for the reaction to the statement. The way the markets have been moving we could be in for a wild ride!
It wasn’t a good day for Twitter (TWTR) bulls…
An early earnings release sent TWTR plummeting lower. The drop was so fast the stock was halted before the sell-off continued. In the end TWTR was down 18.2% with a close of $42.27.
Although a PowerX Method Sell Signal wasn’t triggered 2 days earlier, the signal did show that it wasn’t a good idea to be long the stock ahead of today’s trading session.