The Reformed Broker, AKA Sookie Stackhouse, here with today’s Market Recap…
The stronger dollar/ weaker stocks and commodities trade was On Like Donkey Kong once again today. Estimates for global gdp growth were revised lower overnight, and as you can see below, the materials and metals bore the brunt of the beating as the Dow spent the day lower by about 150 points.
Check out the bloodbath in commodity/ China plays below at the mid-day look:
|Worst Performing Industries||% Change|
|Steel & Iron||-6.93%|
|Nonmetallic Mineral Mining||-6.63%|
Visa (V) shares staged a recovery from an early morning sell-off as word that Barron’s made a major misake when writing about credit card companies and interbank fees made the rounds, forcing shorts to cover.
If you haven’t yet checked out the Festival of Stocks I hosted on TRB today, there are some really great links, including two gems from Todd Sullivan of ValuePlays and Eric Jackson of Ironfire Capital. Check out the Freak Show!
Thanks for reading TRB today, have a great night!
Full Disclosure: I am currently long shares of V in both customer and personal accounts. My discussion of the markets or individual companies above does not constitute an invitation to buy or sell any security, please see my Terms & Conditions page for a full disclaimer.