November 20, 2018
8:45 am EDT
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Market Commentary By:
Colin Cieszynski, CFA, CMT
Chief Market Strategist
+1 (647) 282-4428
The last full day of trading before the US Thanksgiving holiday weekend finds US indices still under pressure. It seems that bulls donâ€™t want to take a stand and bargain hunters have backed off having been burned by false rebounds earlier in the month. Dow futures are down another 300 points or 1.2% compounding yesterdayâ€™s 1.5% drop in the Dow and 3.0% plunge in the NASDAQ.
Technology investors are still finding that high momentum cuts both ways as previously high flyers in the sector continue to tumble. This may not just be related to fear and volatility, weâ€™re also into tax loss selling season which could keep the pressure on for a few more weeks.
The selloff in reaction to retailer earnings has continued into this week, but also appears to be morphing into something more. Two of the biggest US shopping days of the year, Black Friday and Cyber Monday, are less than a week away and the retailer retreat suggests wariness and declining expectations about sales results. Anecdotal reports from the malls and early online results could have a significant influence on trading in the group over the next few days.
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