US equity indexes closed on a weak note, sp -7pts (0.2%) at 3435. Nasdaq comp’ -0.3%. Dow -0.3%. The Transports settled -1.1%.
sp’60min
Summary
closing hour action: cooling from 3458 to 3435.
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… and that concludes Wednesday… a day of considerable chop, as the market awaits (increasingly desperately) progress on stim bill 4. Tomorrow is Thursday, and with daily momentum in the process of turning negative… the bulls should have at least a moderately sleepless night.
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notable stock: MSFT
A mixed day… early weakness, but recovering.
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notable stock: TECK
TECK resources struggling, despite copper printing $3.21. I would still lean to FCX.
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notable stock: PXD
Pioneer Nat’ Resources to effectively merge with Parsley Energy (PE), in an all stock transaction worth around $4.5bn. There is indeed increasing consolidation within the energy sector, as companies are trying to plan to survive for the long term.
Reminds me of what the Cramer this morning, in terms of if he had a ‘hateful eight’ group. He said they’d all be oil companies… and I can understand that!
Have a good evening
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more later on the VIX and Indexes by 6pm EST