Market Alert - Last Hour

Not a great market session with stocks lower almost across the board. Started weaker of course, held in a range through midday, then hit a new session low at 1:30ET. Since then mostly a lateral move.

SP500 -17.34, -0.80%
NASDAQ -43.52, -0.82%
DJ30 -152.89, -0.94%
SP400 -0.43%
RUTX -0.79%
SOX -0.91%

Pretty evenly down across the indices though SP400 is a relative strength leader.

Banking worries are truly an issue as those watching DB and its access to capital, state support, etc. comment it sure feels like 2008. Marvelous.

Oil remains nicely higher (45.66, +1.18) even as the markets suffer significant downside. Nice correlation between oil prices and stock prices: it works when the financial stations notice oil and stocks are both higher.

With oil higher some energy is higher but a lot of oil stocks are not enjoying upside today.

I guess then that the lower prices must mean Trump does better than expected at the debate and surely a Trump presidency would mean a market crash as Mark Cuban bloviated.

SPY is heading back near its session lows. Some plays have sold off and are not recovering all that well if at all. TIVO, HIMX, INVN need to look sharper, a lot sharper, to avoid the axe. FFIV looks interesting downside, but not seeing a lot of trade behind the day's downside.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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