Karpel’s Corner: Moment of Truth

Welcome to Karpel’s Corner. This is where I throw out my thoughts on the markets and share some of my favorite strategies. I keep it market-focused, and never miss an opportunity to teach trading strategies and commentate on the latest trends affecting the financial markets. Hope you enjoy today’s post!

The Big Tech names ($QQQ) could not shake the pressure from sellers going into the Midday, which lasted into the close. Key internet stocks ($FDN), such as Google ($GOOGL),
challenged support, and names like Yahoo ($YHOO) hit resistance. If there are further breakdowns, it does not bode well for this space.

Even the defensive sectors, such as Utilities ($XLU), are still under pressure in spite of growing uncertainty.

For those of you who are water hounds ($PHO), the ETF that tracks water stocks just broke support and confirmed a double top. Quite negative.

Oil ($WTIC) is sliding through support. The next level to challenge to the downside would be ~$92.5. All in all, not bullish by any means.

See you next time at the Corner!