November 10, 2018 – Weekend Market Comment

November 10, 2018 – Up goes the market this week, with a nice "buy the rumor bounce" heading into the mid-term elections. Stocks have fallen over the last two days but are still on track for some weekly gains.

U.S. stocks fell Friday as energy, technology and internet companies move lower. Crude oil dropped for the tenth day in a row and is trading at its lowest price since March, leading to steep losses for oil companies in recent weeks.

The Dow Jones Industrial Average fell 201.92 points to 25,989.30 as losses in Caterpillar and Goldman Sachs offset gains from Disney. The S&P 500 dropped 0.9 percent to 2,781.01, led lower by consumer discretionary shares and tech. The Nasdaq Composite lagged, dropping 1.7 percent to 7,406.90 as shares of Facebook, Amazon, Netflix and Alphabet all traded lower.

You will recall my warning to avoid Crowded Trades. Facebook, Amazon, Apple, Microsoft and Alphabet collectively lost $75 billion in market value on Friday.

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