Stocks set to plummet and here’s why

Today our stock futures are all mixed but the Nasdaq is red. The markets in Asia are almost all red and those in Europe are all mixed. Oil is flat this morning and the VIX is flat also.

We are seeing a mild risk-off look today in our currency line up as the US dollar and Japanese Yen lead the Australian Dollar on the one-day relative performance index. The longer-term charts show the SPY closed below the 21 and 50 moving averages on the daily and in pre-market as well price is also below the 5 and 8 exponential moving lines. 

In the pre-market, the SPY is $.80 above where it closed yesterday sitting at 323.40.

In the news, this morning, President Trump was asked last night at a new conference in the Whitehouse whether he would peacefully transition if he lost the election and he said “We’ll have to see what happens” which of course has caused a stir. Additionally, Fed Chairman Powell is speaking to congress again today and will most likely reemphasize that he believes the  American people will need continued financial support as the economy slowly recovers from the Covid-19 Pandemic.

On that same note, United airlines are in talks with their pilots to stave off furloughs till Oct. 30th. But this could be a sign of more furloughs in the travel industry as it hasn’t recovered and the furlough moratorium the Cares act gave businesses like the airlines comes to an end in October. 

Leave a Comment

Your email address will not be published.