“CVS, Walgreens and Rite Aid are closing thousands of stores. Here’s why”
https://www.cnn.com/2023/10/16/business/drug-stores-closing-rite-aid-cvs-walgreens/index.html
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Show Notes
Summary of the day
* As I have stated we have a date with the 50 day MA sooner or later this week
* Rite Aid has filed for Chapter 11 bankruptcy
* Strong rally across the board from 10am through the afternoon. The hopes of a positive resolution to the conflict in Israel and potential cease fire in exchange for hostages.
* At 2pm breadth was negative despite the rally. 87 new highs vs 286 new lows.
* Some charts
* Equal weight S&P about to trigger bearish ma cross
AAPL struggling with the 50 day
* 2:12pm 10 yr still too bullish
* Next fart launches $VIX
* $ITB looks like it will fall into the abyss
* I still see oil above $110
Breadth
* 96 new highs
* 321 new lows
* 69% advancing 26% declining
* 75% below 50 day ma
* 67% below the 200 day ma
Stuck out
Yields were green. $TNX up 1.75%
Strong
Every sector was green
Weak
Volatility down 10.9% giving up a lot of the gains from Friday
What to watch
Watch mag 7
Watch yields
Economic data
https://www.marketwatch.com/economy-politics/calendar
Earning
s
Financial Freedom is not free, but the pursuit is worth the treasure.
