Many valuations are certainly attractive at these levels but LPL Financial's Quincy Krosby says she's keeping an eye on trading volumes for signs of market strength.Ī sell-off on strong volume could indicate more fear in the market, whereas a rally on high volume may signal a healthy one, she points out. Investors should remain overweight on energy given that many companies are returning capital to their shareholders and focused on dividends, Virtus Investment Partners' Joe Terranova told "Closing Bell: Overtime." Oil prices have come down from their highs despite a big run-up earlier in the year. S&P 500 was higher 82.7% of the time one year after a greater than 4% daily decline with an average gain over 25%.ĭespite Tuesday's broad sell-off, there are some pockets of opportunity out there for investors looking to play marketĬrossmark Global Investments' Victoria Fernandez told CNBC's "Closing Bell: Overtime" on Tuesday that investors may want to focus on healthcare and consumer staples, paying particular attention to quality balance sheets, earnings and management. " line chart of the 30 trading days before and 60 trading days after the last 53 greater than 4% drops does not suggest any significant advance in the near-term as S&P 500 only managed a modest recover, on average over the next 20-25 trading days (a typical month is generally 21 trading days)," wrote Hirsch. History shows that stocks may not meaningfully recover losses in the near-term after a greater than 4% drop, but they can surge by double digits when investors look further out, according to the note. Based upon historical performance, the odds of a gain tomorrow are 66.04%." "In those previous 53 occurrences, on the next trading day S&P 500 was higher 35 times and lower 18 with an average gain of 1.08% on all days. "Since 1950, S&P 500 has declined 4% or more in a single day 53 times before today ," Hirsch wrote in a Tuesday note. The probability of a rebound on Wednesday after the previous session's sell-off is roughly 66%, according to a Tuesday note from Hirsch. Meanwhile, shares of Corteva moved slightly higher to trade at an all-time high back to its spin-off from DowDuPont in May 2019.Ī one-day decline of 4% or more may be brutal, but history shows that it can point to better gains in the following session and over the long-term, according to Jeff Hirsch at the Stock Trader's Almanac. Digital Realty Trust trading at lows not seen since March 2020.LyondellBasell trading at lows not seen since November 2020.International Paper Company trading at lows not seen since October 2020.Eastman Chemical trading at lows not seen since October 2020.Lumen Technologies trading at lows not seen since November 2020.Charter Communications trading at lows not seen since March 2020.Church & Dwight trading at lows not seen since March 2021.Mohawk Industries trading at lows not seen since October 2020.Dow Inc trading at lows not seen since November 2020.Western Digital trading at lows not seen since November 2020.Qorvo trading lows not seen since April 2020.Tyson Foods trading at levels not seen since August 2021.Whirlpool trading at lows not seen since July 2020.CarMax trading at lows not seen since May 2020.Paramount trading at lows not seen since July 2020.These are some other stocks that made 52-week lows: Lea la cobertura del mercado de hoy en español aquí. Materials stocks slid, led to the downside by an 11% drop for Nucor. Market breadth was mixed on Wednesday, with declining stocks slightly outnumbering gainers in the S&P 500. With macroeconomic and policy uncertainty elevated, we expect markets to remain volatile in the months ahead," Mark Haefele, CIO of UBS Global Wealth Management, said in a note to clients. "Tuesday's selloff is a reminder that a sustained rally is likely to require clear evidence that inflation is on a downward trend. It also spurred some fears that the Federal Reserve could hike interest rates even higher than the 75 basis points markets are pricing in. The hot inflation report left questions over whether stocks could go back to their June lows or fall even further. The drop was sparked by August's consumer price index report, which showed headline inflation rising 0.1% on a monthly basis despite a drop in gas prices. It was the biggest one-day slide for all three averages since June 2020. The Dow sank more than 1,200 points, or nearly 4%, while the S&P 500 lost 4.3%. The modest gains followed a massive sell-off for stocks on Tuesday. Moderna was one of the top performers in the Nasdaq, jumping more than 6%. The Dow Jones Industrial Average inched up 30.12 points, or 0.10%, to 31,135.09 after being down more than 200 points at session lows. The Nasdaq Composite ground higher in choppy trading on Wednesday as investors tried to find their footing after the biggest one-day drop in more than two years.
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