Two days of trading were lost due to the storm, but the aftermath for many remains a daunting task. We at Big Wave Trading hope those who were affected by Sandy return to a sense of normalcy soon.
The Russell 2000 led all market gains today, but was the lone bright spot in the market. AAPL's management shake up weighed heavily on the stock as it dragged down the technology heavy NASDAQ with it. At the open stocks enjoyed a lift, but it was a negative Chicago PMI figure that soured the mood of the market. PMI figured showed a contraction for the first time since late 2008 as many continue to fear the fiscal cliff. Big Wave Trading is still under a sell signal and today's market did very little to help reverse our course of action. Price and volume are not favorable here and until it improves we'll continue to operate under our sell signal.
All eyes will be on the ADP and jobless claims report tomorrow. Friday's non-farm payroll figure is set to be released and it will be an important to Romney and Obama. Gary Johnson the Libertarian candidate can too use this to show under freedom and his leadership we would be able to build a more stable system. For Romney and Obama it will be a fight over the same system we have in place today. Of course, the mainstream media will do its best to spin it positively for Obama while Fox News will do the same for Romney. In the end, we care about our leading stocks and market direction. As the market goes we shall go too.
The leading sectors today were the utilities, consumer goods, and financials. Oil and gas along with Technology stocks were the groups weighing on the S&P 500. Financials continue to be the stocks leading this market and we aren't surprised. How can you not do well when you have a buyer willing to pay top dollar for a junk asset? Continue to keep an eye out for emerging winners because this market can snap back on a dime.
It is good to be back in the saddle. Cut your losses short.