Weekend Charting and Chat - 9th June 2017, page-8

Wow, the whole of Europe was well up overnight. Doesn't seem logical: sell the seemingly unlikely rumour of a bad UK election result, then buy the reality of a hung parliament. I heard one interpretation was that it would slowdown Brexit, which is good for Europe. Something like that. And this is interesting:

DJIA: +0.42% (new all time closing high).
S&P500: -0.08%.
Nasdaq 100: -1.80% (ouch).

From MarketWatch:

"The Nasdaq Composite Index COMP... sank 113.85 points, or 1.8%, to close at 6,207.92. The sudden tech retreat pushed the Nasdaq into negative territory for the week with the tech-heavy index closing down 1.6%.

Apple Inc. AAPL... sank 3.9% in its biggest one-day drop since January 2016...
Facebook Inc. FB... skidded 3.3%,
Alphabet Inc.GOOGL... the parent of Google, lost 3.4%,
Microsoft Corp. MSFT... dropped 2.3% and
Amazon.com Inc. AMZN... shed 3.2%.

“All these stocks have hit new highs recently, so now people are taking a pause and we’re seeing the money flow out,” said Doug DePietro, managing director for trading at Evercore ISI. “There’s nothing in the news that’s saying, ‘sell the big tech stocks’; this is just simple profit-taking, a rotation to other names.”

The tech sector’s tumble also follows a warning from Goldman Sachs that highfliers such as Facebook, Amazon, Apple, Microsoft and Alphabet—which had significantly contributed to the market’s multimonth rally—may be overextended."

http://www.marketwatch.com/story/us...stors-weigh-up-uk-election-results-2017-06-09