The S&P slid over 5% today while the XLF slumped nearly 17%. Stocks are getting killed on the back of continued economic weakness and poor financial earnings. It looks like the lows made back in November may be tested sooner than later. There were very few stocks that were spared in the beating today, DV, FDRY, TMTA some of them, and oil continued on its path lower as well.
Even the "survivors" are getting mauled. JPM, WFC, and BAC are all down substantially. However, the risks are a bit more balanced now that everything has been substantially trashed and there is a threat of significant stimulus being put out. As far as individual stocks, I'd keep an eye on LO with a bias towards the short side as it rallies to an area where it has previously peaked. DV has been showing relative strength but looks more like a long. GHL on the long side is starting to look interesting too as it comes back down to the 36-37 area. It has shown solid relative strength throughout this entire crisis.
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