Today was an odd one, with U.S. stocks giving back almost exactly what they had gained yesterday. A few minutes before the close, the Dow Industrials are down 200 points, almost matching their 222 point gain yesterday. Disney's poor earnings, on top of big declines in retail stocks, are the main culprits.
Overseas markets seemed fine with the world, with Asian and European shares up a bit or down a bit, without much drama. So perhaps it's just a U.S. thing, a continuation of the up/down/up/down mindless action we've commented on so often before. Here's a picture of the very short-term action of the Industrials.
Yesterday's big rally is shown in the most recent white candlestick, with today's action in the following red candlestick - essentially canceling each other out, and keeping the Dow beneath the maroon downtrend line. That meshes with the lower MACD indicator, which has been negative for the last ... Log in or subscribe to continue reading.