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Sell Stocks And Pay Off Your Mortgage

It’s hard to borrow yourself rich—especially when you can’t deduct the interest.

A friend from Connecticut tells me she and her husband were recently inspired to sell some securities and pay off their mortgage. She figures the market is due for a correction.

A clever move, I say, and not just because stocks are richly priced. Mortgages, even though rates are at near-record lows, are expensive. And there’s a tax problem.

The tax angle relates to what went into effect last year—something Trump called a tax cut, although it raised federal taxes for a lot of people in high-tax states like Connecticut. For our purposes what matters is that the law made mortgages undesirable.

Used to be that people would say, “I took out a mortgage because I need the deduction.” That doesn’t work so well now. The new law has a standard deduction of $24,400 for a couple, and you have to clear this hurdle before the first dollar of benefit comes from a deduction for mortgage interest.

Today In: Money

Most middle-class homeowners aren’t itemizing at all. For them, the aftertax cost of a 4% mortgage is 4%.

If you are still itemizing, your interest deduction may not be worth much. You are probably claiming the maximum $10,000 in state and local taxes. (If you aren’t, you are living in an igloo in a state without an income tax.) That means the first $14,400 of other deductions don’t do anything for you.

A couple with $2,400 of charitable donations and $15,000 of interest is in effect able to deduct only a fifth of the interest. The aftertax cost of the mortgage depends on these borrowers’ tax bracket, but will probably be in the neighborhood of 3.7%.

Before 2018, your finances were very different. You no doubt topped the standard deduction (which was lower then) with just the write-off for state and local taxes (which didn’t have that $10,000 cap). So all of your mortgage interest went to work in reducing federal taxes. You could do a little arbitrage.

If your aftertax cost of a 4% mortgage was 2.7%, an investment yielding 3% aftertax yielded a positive spread. You’d hold onto that investment instead of paying off the mortgage. It was quite rational to sit on a pile of 3% tax-exempt bonds while taking out a 4% mortgage to buy a house.

Now that sort of scheme doesn’t make sense. The aftertax yield on muni bonds is way less than than the aftertax cost of a mortgage. This is true of corporate bonds, too: Their aftertax return, net of defaults, is less than the cost of a mortgage today.

So, if you have excess loot outside your retirement accounts, and it’s invested in bonds, you’d come out ahead paying off a mortgage.

What about stocks? Should you, like my friend, sell stocks held in a taxable account in order to pay off your mortgage? This is a trickier question. If your stocks are highly appreciated, perhaps not. You could hang onto them and avoid the capital gains.

If they are not appreciated, or if you have a windfall and you’re deciding whether the stock market or your mortgage is the place to use it, the trade-off changes.

Stock prices are, by historical measures, quite high in relation to their earnings. The market’s long-term future return is correspondingly less.

Financiers

In the short term, stocks are entirely unpredictable. Neither my friend, nor I, nor Warren Buffett can tell you whether there will be a crash next year to vindicate her decision or another upward lurch that will make her regretful.

For the long term, though, you can use earnings yields to arrive at an expected return. I explain the arithmetic here. A realistic expectation for real annual returns is between 3% and 4%. Add in inflation and you’ve got a nominal return not much more than 5%.

From that, subtract taxes. You’ve got a base federal tax of 15% or 20% on dividends and long-term gains. There’s also the Obamacare 3.8% if your income is above $250,000. You have state income taxes, no longer mitigated by a federal deduction for them (because you’ll probably be well above the $10,000 limit no matter what).

Add it all up, and you can look forward to an aftertax return from stocks of maybe 4%. That is, your expected return could be only a smidgen above the aftertax cost of your mortgage. Worth the risk? Not for my friend. Not for me.

What if I’m wrong about the market, and it’s destined to deliver 10%? Or what if you are a risk lover, willing to dive in with only a meager expected gain? Mortgages are still a bad way to finance your gamble.

You don’t have to borrow money at a non-tax-deductible 4%. I can tell you where to get a loan at slightly more than 2%, with the interest fully deductible.

The place to go is the Chicago Mercantile Exchange. Instead of buying stocks, buy stock index futures.

When you go long an E-mini S&P 500 future you are, in effect, buying $150,000 of stock with borrowed money. You don’t see the debt; it’s built into the price of the future. The reason the loan is cheap is that futures prices are determined by arbitrageurs (like giant banks) that can borrow cheaply. The reason the interest is in effect deductible is that it comes out of the taxable gains you report on the futures.

Futures contracts are taxed somewhat more heavily than stocks. Their rate is a blend of ordinary rates and the favorable rates on dividends and long-term gains. Also, futures players don’t have the option of deferring capital gains. Even so, owning futures is way cheaper than owing money to a bank while putting money into stocks.

One caveat for people planning to burn a mortgage: Stay liquid. Don’t use up cash you may need during a stretch of unemployment.

But if you have a lot of assets in a taxable account, it’s time to rethink your mortgage. Debt is no longer a bargain.

I aim to help you save on taxes and money management costs. I graduated from Harvard in 1973, have been a journalist for 44 years, and was editor of Forbes magazine from 1999 to 2010. Tax law is a frequent subject in my articles. I have been an Enrolled Agent since 1979. Email me at williambaldwinfinance — at — gmail — dot — com.

Source: Sell Stocks And Pay Off Your Mortgage

In many situations, paying off your mortgage early could potentially be costing you hundreds of thousands of dollars…and I’ll run the numbers to show this based off real world examples. Enjoy! Add me on Snapchat/Instagram: GPStephan Join the private Real Estate Facebook Group: https://www.facebook.com/groups/there… The Real Estate Agent Academy: Learn how to start and grow your career as a Real Estate Agent to a Six-Figure Income, how to best build your network of clients, expand into luxury markets, and the exact steps I’ve used to grow my business from $0 to over $120 million in sales: https://goo.gl/UFpi4c This is one of those subjects that’s not intuitive for most people – you would think that paying off your mortgage early would be a really good idea. But this isn’t always the case. The reason people think this way is because they haven’t really looked at the true cost of ownership, what their money is really worth, and they only focus on the end number. On our $400,000 loan example, your payment is $1956 per month and you wind up paying $304,000 in interest over 30 years. But there are three very important considerations here: 1. The first is the mortgage interest tax write off – this is what makes real estate extremely appealing, and why keeping a mortgage helps long term.For the average person in a 23% tax bracket, with a 4.2% interest rate, after you factor in your write offs, your ACTUAL cost of interest is only 3.23%. 2. The second factor is Inflation. Because the bank is holding the entire loan over 30 years and you get to pay bits and pieces of it over time, it should be safe to assume a 2% AVERAGE inflation rate over 30 years. This means that even though you’re paying a NET interest rate now of 3.23%, if we subtract 2% annually for inflation, this means that you’re really only effectively paying 1.23% in interest after tax write offs and inflation. 3. Finally, the third factor is opportunity cost. Can you make MORE than a 1.23% return ANYWHERE ELSE adjusted for inflation? The answer is pretty much always yes. This means that if you INVEST your money instead of paying down the mortgage, mathematically over the term of the loan you’d come out ahead than if you just paid off the loan early. So with these points above, we’ll take two scenarios. In scenario one, you have a 30-year, $400,000 loan at a 4.2% interest rate that you pay off in half the time – you increase your payments from $1956 to $3000 per month in order to make this happen. Then once the loan is paid off, you invest the full amount in the stock market for another 15 years. After an additional 15 years, that works out to be just over $1,000,000. So you now have a paid of house plus a million dollars. But what happens if you kept the 30-year mortgage and instead of you paying it off in half the time by increasing your payments to $3000/mo, you just invested the extra $1050 per month instead? Because you didn’t pay down your mortgage early and you invested that extra money instead, at a 7.5% return in an SP500 index fund…at the end of 30 years, you’ll have a paid off home PLUS $1,433,000.. This means that over 30 years, that’s a difference of $433,000…by NOT paying down your mortgage early, and instead investing the difference. Although keep in mind, if you have a really high interest rate on your loan, above about 6%, it’s probably better to pay it off. This is because the upside to investing gets smaller and smaller the higher your mortgage interest rate is. But the biggest advantage of paying it off early is that with the above example, we assume the person will actually invest the money rather than pay off their loan early. In order for this calculation to work, the person needs to be disciplined enough to actually invest the different and not spend it. But for anyone with the discipline to actually stick with an investing plan instead of paying down the mortgage, statistically and mathematically, you can often make more money paying it off slowly than paying it off early. For business inquiries or one-on-one real estate investing/real estate agent consulting or coaching, you can reach me at GrahamStephanBusiness@gmail.com Suggested reading: The Millionaire Real Estate Agent: http://goo.gl/TPTSVC Your money or your life: https://goo.gl/fmlaJR The Millionaire Real Estate Investor: https://goo.gl/sV9xtl How to Win Friends and Influence People: https://goo.gl/1f3Meq Think and grow rich: https://goo.gl/SSKlyu Awaken the giant within: https://goo.gl/niIAEI The Book on Rental Property Investing: https://goo.gl/qtJqFq Favorite Credit Cards: Chase Sapphire Reserve – https://goo.gl/sT68EC American Express Platinum – https://goo.gl/C9n4e3

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Why the Debate Over Stakeholder Value Vs. Shareholder Value is All Wrong

The Business Roundtable, a coalition of America’s leading corporate executives, created a firestorm with its August 19 announcement calling for corporations to create value for all stakeholders rather than simply maximizing value for their shareholders. A debate ensued over whether Milton Friedman was right or wrong in 1970 when he famously declared that the social responsibility of business is to increase its profits.

Some commentators accused the executives of abandoning shareholders; others decried that they were “green-washing” or “purpose-washing:” simply making themselves look good without authentic action.

In reality, large corporations have understood for a long time the importance of creating value for all stakeholders, including their employees, customers, suppliers and communities, as well as their investors, and the Business Roundtable statement just updated the executives’ outward-facing communications to confirm a direction that is both underway and unstoppable.

The statement shows a recognition of two facts:

1.       The business case for creating stakeholder value has already been proved. Without creating value for a variety of stakeholders, and without mitigating the risks associated with subtracting value from stakeholders, a company can’t deliver profits to shareholders anyway, at least not over the medium to long term. Creating value for stakeholders, when managed strategically, doesn’t take away from enhancing profits for shareholders, it adds to it. It is part of good management. This is not a zero-sum tradeoff.

2.       The U.S. economy is suffering from fallout from short-termism, that is, investors squeezing profits out of companies with a shorter and shorter time horizon. Companies pressured to deliver greater and greater profit margins to their financial owners in the space of a quarter, or less, might not be making the investments and strategic directional decisions that will allow them to thrive in the longer term.

The Business Roundtable statement begins: “Americans deserve an economy that allows each person to succeed through hard work and creativity and to lead a life of meaning and dignity. We believe the free-market system is the best means of generating good jobs, a strong and sustainable economy, innovation, a healthy environment and economic opportunity for all.”

For a long time the U.S. was known around the world as a “meritocracy.” U.S. policy aimed to provide citizens with equal opportunity, for example through public education or public libraries, and to reward those who worked hard and applied their talent. The “American Dream” refers to the aspiration of immigrants from around the world that they could come to America and within a generation, see the fruits of their labor rewarded through upward social mobility.

But Michael Young, the U.K. Labour Party strategist who coined the term “meritocracy,” knew that once the most talented workers rose through the capitalist system, over time this new elite would naturally consolidate its power, leaving behind those less equipped to succeed, and eventually stratifying society.

The fact that this has occurred in America is widely known, and most political campaigns on both sides of the spectrum claim to want to address the extreme levels of societal stratification now so evident.

The Business Roundtable has recognized that while corporations must be well-managed for the benefit of their owners, U.S. capitalism needs to find ways to ensure a longer-term vision than the one that has morphed out of the automation of stock trading, the rise of passive investing, and the power of activist shareholders wanting to squeeze value out of a company no matter the broader context.

The investor community itself has been alarmed, as evidenced by the rise of a movement subscribing to “Principles for Responsible Investment,” which promotes inclusion of environmental, social and governance (ESG) criteria in evaluating investments, and which now has more than 2300 signatories representing more than 80 trillion dollars in assets under management.

Tensie Whelan, director of the NYU Stern Center for Sustainable Business, notes the difference between value extraction from a company (through “maximizing short-term profits and boosting stock price, often at the expense of stakeholders other than shareholders”) and value creation for a company. NYU research into certain case studies shows a positive financial return on sustainability investments, with many long-term benefits.

Indeed, sustainability, or attention to ESG factors, is the way large corporations are creating value for the company, and therefore for all stakeholders including shareholders. A European Union directive now requires companies to provide non-financial (ESG) reporting to investors as well as financial reporting. Creating value for all stakeholders isn’t a foreign concept to European companies, whose cultural context has historically favored this idea.

Kudos to the Business Roundtable for bringing its statement on purpose into line with 21st century practices. The statement is a signpost that will most certainly make it easier for companies to implement purposeful strategies.

By: Maureen Kline

Source: Why the Debate Over Stakeholder Value Vs. Shareholder Value is All Wrong

Help us learn more about your experience by completing this short survey: https://www.surveymonkey.com/r/RRKS8LZ Subscribe to Alanis Business Academy on YouTube for updates on the latest videos: https://www.youtube.com/alanisbusines… An outline of the two perspectives related to corporate social responsibility: the shareholder model and the stakeholder model. The discussion also includes support for each perspective, including that of famous Nobel​ prize winning economist Milton Friedman.

Stocks Making The Biggest Moves After Hours: Cisco NetApp and Vipshop

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Cisco fell nearly 8% in after-hours trading after announcing better than expected fourth-quarter earnings and weaker-than-expected guidance. The enterprise technology company reported adjusted fourth-quarter earnings per share of 83 cents on revenue of $13.43 billion. Analysts had expected adjusted earnings per share of 82 cents on revenue of $13.38 billion, according to Refinitiv.

For the first quarter, Cisco said it anticipates adjusted earnings per share between 80 cents and 82 cents. The company said it expects flat to 2% revenue growth. Those figures are below analyst projections for earnings of 83 cents per share and revenue growth of 2.5%, according to Refinitiv consensus estimates.

Cisco CEO Chuck Robbins said the company’s business in China dropped 25% amid the U.S.-China trade war and early signs of macro shifts that didn’t occur in the previous quarter.

Shares of NetApp jumped nearly 4% after the data services and management company reported promising first-quarter earnings. The company reported adjusted earnings per share of 65 cents on revenue of $1.24 billion. Analysts had expected earnings per share of 58 cents on revenue of $1.23 billion, according to Refinitiv. NetApp CEO George Kurian said gross margin and cost structure improvements will help the company “navigate the ongoing macroeconomic headwinds”

Vipshop soared 8% after announcing higher-than-expected earnings for the second quarter. The Guangzhou, China-based company reported adjusted second-quarter earnings per share of $1.58 yuan on revenue of $22.74 billion yuan. Analysts had expected earnings per share of $1.01 yuan on revenue of $21.52 billion yuan, according to Refinitiv. Eric Shen, chairman and chief executive officer of Vipshop, cited the company’s growing numbers of active users and acquisition of Shanshan Outlets.

Pivotal Software shares skyrocketed nearly 70% in extended trading after VMware said it will acquire all outstanding Class A shares at $15 in cash. That price represents an 80% premium on  Pivotal’s closing price of $8.30 per share.

By : Elizabeth Myong

Source: https://www.cnbc.com/

 

The Charts of Ralph Lauren Look Bearish Ahead of Earnings

Source: The Charts of Ralph Lauren Look Bearish Ahead of Earnings

Cisco, Tilray, Aurora Cannabis, Alibaba, Trade Talks – 5 Things You Must Know

Here are five things you must know for Wednesday, May 15:

1. — Stock Futures Lower Amid Subsiding Trade War Worries

U.S. stock futures were lower Wednesday though sentiment was lifted by a softening of the rhetoric from Donald Trump in the U.S.-China trade war and suggestions that talks could resume in the coming weeks.

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Markets also were soothed by weaker-than-expected economic data from China that pointed to not only slowing growth in the world’s second-largest economy but also a weakening bargaining position in Beijing’s trade standoff with Washington.

With Trumps describing the dispute with China as “a little squabble” on Tuesday, as well as confirmation from the U.S. Treasury that Secretary Steven Mnuchin will soon travel to Beijing to resume trade talks, markets were happy to add risk following Tuesday’s gains on Wall Street.

Contracts tied to the Dow Jones Industrial Average fell 85 points, futures for the S&P 500 declined 8.70 points, and Nasdaq futures were down 23 points.

The economic calendar in the U.S. Wednesday includes Retail Sales for April at 8:30 a.m. ET, the Empire State Manufacturing Survey for May at 8:30 a.m., Industrial Production for April at 9:15 a.m., and Oil Inventories for the week ended May 10 at 10:30 a.m.

2. — Cisco, Alibaba and Macy’s Report Earnings Wednesday

Alibaba Group Holding (BABAGet Report)  posted stronger-than-expected fiscal fourth-quarter earnings as consumer growth on its online marketplace surged and its tie-up with Starbucks (SBUXGet Report) , the world’s biggest coffee chain, helped boost revenue and its cloud computing sales surged.

Macy’s (MGet Report)  earned 44 cents a share on an adjusted basis in the first quarter, higher than estimates of 33 cents. Same-store sales rose 0.7% in the quarter vs. estimates that called for a decline of 0.6%.

Earnings reports are also expected Wednesday from Cisco Systems (CSCOGet Report) and Jack in the Box (JACKGet Report) .

Cisco is a holding in Jim Cramer’s Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells CSCO? Learn more now.

3. — Tilray Rises After Revenue Beat, Aurora Cannabis Slumps

Tilray  (TLRY) shares were rising 4% to $50.71 in premarket trading Wednesday after the Canadian cannabis company posted stronger-than-expected first-quarter sales, while its domestic rival Aurora Cannabis (ACBGet Report) slumped after revenue missed analysts’ forecasts amid caps on retail store growth in the Canadian market.

Tilray said first-quarter revenue rose 195% from a year earlier to $23 million, as sales in Canada surged following the country’s decision to legalize cannabis for recreational use. The adjusted loss in the quarter was 27 cents a share, wider than analysts’ estimates, after a 5.7% drop in the average price per kilogram sold.

CEO Brendan Kennedy also said Tilray was looking to further its partnerships with U.S. and international companies as the potential $150 billion global market for cannabis undergoes a generational change in both regulation and consumer acceptance.

“We’ve been inundated with contacts from Fortune 500 companies who are interested in exploring partnerships with Tilray,” Kennedy told investors on a conference call late Tuesday. “And it’s a range of companies from a broad variety of industries.”

“We’re also starting to have conversations with U.S. retailers who are interested in carrying CBD product in the second half of this year,” he added.

Aurora Cannabis, meanwhile, was tumbling 4.7% to $7.99 in premarket trading after its fiscal third-quarter revenue of C$75.2 million missed Wall Street forecasts of C$77.2 million and consumer cannabis sales were just under C$30 million as provincial regulators limited the number of retail outlets.

The company reported a loss attributable to shareholders in the quarter of $C158 million said Aurora Cannabis said it was “well positioned to achieve positive EBITDA beginning in fiscal Q4.”

Aurora Cannabis is in TheStreet’s Stocks Under $10 portfolio. To find out more about how you can profit from this investing approach, please click here.

4. — Walmart Considering IPO for U.K. Unit Asda

Walmart (WMTGet Report) is considering an initial public offering for its U.K. grocery subsidiary Asda, a listing that that could value the company at as much as an estimated 8.5 billion pounds ($11 billion), Bloomberg reported.

The news comes just weeks after U.K. antitrust regulators blocked a planned merger between Asda, Britain’s fourth-largest supermarket, and rival J Sainsbury.

“While we are not rushing into anything, I want you to know that we are seriously considering a path to an IPO,” Judith McKenna, the company’s international chief, told employees at an event in Leeds, according to a summary of the event provided by Asda. Any preparations for going public would “take years,” she said, Bloomberg reported.

5. — Nelson Peltz’s Trian May Wage Activist Campaign at Legg Mason – Report

Nelson Peltz’s Trian Fund Management may wage an activist campaign at Legg Mason (LMGet Report) and push the mutual fund company to improve its flagging results, The Wall Street Journal reported, citing people familiar with the matter.

It would be the second time in 10 years that Trian has targeted the mutual fund company, according to Reuters.

Trian recently has held discussions with Legg Mason about the need to cut costs and improve profit margins, the people told the Journal. The two sides may still negotiate a settlement that sidesteps a proxy fight, the sources added.

On a conference call with analysts Monday, Legg Mason CEO Joseph Sullivan said the company was moving to slash expenses.

“While there is much work to be done, we now have increased visibility into and have gained even greater confidence in our ability to deliver $100 million or more of annual savings now within two years,” he said.

By:

 

Source: Cisco, Tilray, Aurora Cannabis, Alibaba, Trade Talks – 5 Things You Must Know

Stock Market Correction – 4 Crucial Steps To Position Your Watch List And Portfolio

Many investors are scratching their heads when it comes to positioning the portfolio in the stock market correction. However, we think that there are four crucial steps that every investor should take into an account. Without further ado, let’s see these steps.

Table of Contents

Stock Market Correction – 4 Crucial Steps To Position Your Watch List And Portfolio

Analyze the Stock Market

Before anything, you should analyze the stock market conditions. The reason for this is that many stocks tend to move in the same direction as the stock market. A stock market correction by the vertical violation or slice below the 50-day line tend to have a very high failure rate for the follow-through day.

Furthermore, the market is, for the big part, driven by news. The investors should always have their mind opened for the new stock market uptrend.

Hedge Your Portfolio

You should manage your trades like a portfolio. After the market turn in the Q4 2018 market correction, IBD’s team added ProShares UltraPro S&P 500 (UPRO). Thanks to this decision, the risk levels were managed against the S&P 500. Let’s not forget that UPRO, when converted to an ETF, corresponds to three times the daily performance of the S&P 500.

Utilize Swing Trading

IBD is constantly scanning for new ideas for its SwingTrader platform. This can be quite an efficient method. For example, we had seven names on the IBD’s swing trading list in September 2018. But, by the end of the month, there weren’t any quality stocks. If the pickings are slim, the general rule is that stock market conditions are weakening.

Make a Watchlist

Finally, make your own watchlist. You need to be able to spot the top stocks and then add them to the watchlist. When you do that, you’ll be able to monitor your selected stocks and carefully choose which one to invest in.

Source: https://www.investors.com/how-to-invest/stock-market-correction-watchlist-portfolio/

Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.

Source: Stock Market Correction – 4 Crucial Steps To Position Your Watch List And Portfolio – stock market correction 2019, stock market correction 2018

Brazil Is The Best Stock Market In The World Right Now

 

It’s just a week into 2019 and Brazil is the best stock market in the world. Parabens, Jair Bolsonaro. Until the army tanks roll in, as his opponents believed just four months ago, Brazil is on track to be the best-performing market this quarter, if not in the first half of 2019. Based on the biggest, passive trades in the markets, the iShares MSCI Brazil is beating the SPDR S&P 500, Russia, India, China (duh), Mexico, FTSE Europe, Japan and the broader MSCI Emerging Markets Index.

Source: Brazil Is The Best Stock Market In The World Right Now

4 Reasons To Buy Walmart Stock – Peter Cohan

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Back in February, Walmart — in which I have no financial interest reported disappointing numbers and its stock tumbled. I saw four reasons to buy its stock its shift to eCommerce, economies of scale, investment in its people, and a not outrageous valuation.Since then Walmart stock has risen 8.8% to $99.54. But after reporting a beat on earnings, a miss on revenues, and a rise in guidance, can Walmart stock rise? I see four reasons why those shares could surpass their January 2018 all-time high of about $110………..

Read more: https://www.forbes.com/sites/petercohan/2018/11/16/4-reasons-to-buy-walmart-stock/#1c93b90164bd

 

 

 

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Here’s How Stocks Perform After Every Midterm Election Since World War II – Stephen McBride

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As you likely know from the lawn signs dotting American neighborhoods, midterm elections take place this Tuesday. If the polls are correct, President Trump and Republicans are in big trouble. There’s an 85% chance Democrats will seize control of the House of Representatives from Republicans, according to statistical analysis firm FiveThirtyEight. This is causing bigtime anxiety for investors who’ve enjoyed the 28% stock market rally since Trump took office. No matter what you think of Trump, his reign as president has been great for stocks. But as the election has drawn closer, the market has fallen apart……..

Read more: https://www.forbes.com/sites/stephenmcbride1/2018/11/02/ive-studied-stocks-after-every-midterm-election-since-world-war-ii-what-i-found-will-shock-you/#4327dbd83c20

 

 

 

 

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Late-Day Selloff Sends Stocks To 5-Month Low; Key Technical Levels Breached – JJ Kinahan

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Yesterday it was FAANGs to the rescue. Today, they didn’t show up to give the market a lift, and stocks fell sharply to new five-month lows in another Wednesday washout.  Selling seemed to accelerate in the last hour, wiping out all of the market’s gains for the year and taking the S&P 500 Index down to just above correction territory. All of the major indices got crushed, with losses ranging from 2% to 4%. Small-caps, large-caps, techs, transports—few escaped the carnage…….

Read more: https://www.forbes.com/sites/jjkinahan/2018/10/24/late-day-selloff-sends-stocks-to-5-month-low-key-technical-levels-breached/#518f1efa1e61

 

 

 

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