US markets have closed for Thursday a little while ago. The arrest of the CFO for Huawei in Canada at the request of US authorities re breaking of sanction rules for Iran, spooked the market mid-morning. So we saw another huge drop following the very large drawdown on Tuesday.
Fortunately this was probably an over reaction, and those nasty Bots could have been responsible for the sharp drops on both days. Then indices climbed for the rest of the session, with the Nasdaq up 0.64% and the SP 500 down by 0.15% at the close.
Somewhat disturbing, the English FTSE 100 was off by 3.2%, its biggest daily drop since the Brexit vote in June 2016. Oil, Mining and Financials were the biggest drags.
It is looking quite shaky for equities globally now, and the Recession seems to be getting closer all the time, but it would be nice to have one last uptrend to be able to exit long positions without taking too much of a loss, and go largely to cash to wait for better buying opportunities.
Anyone trying to predict the next short term move would be a little crazy perhaps.
US markets have closed for Thursday a little while ago. The...
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