This is just a brief summary of today’s events, since I am down with a head cold.
Downward momentum picked up speed again today, after yesterday’s reprieve, with the major indexes plunging over 4.5% for the week, which was its worst weekly decline since March.
Despite the trade truce, Fed dovishness, and Canada cutting oil production, stocks got hammered even though the much anticipated jobs report was decent. In the end, we can only hope for the much talked about Santa Claus rally to get going soon, or it may not happen.
European markets were bleeding heavy, led by Germany, which was down over 6% from Monday’s highs.
Our Trend Tracking Indexes (TTIs) headed south with the Domestic one taking the lead to the downside.
Here’s how we closed 12/7/2018:
Domestic TTI: -4.62% below its M/A (last close -2.63%)—Sell signal effective 11/15/2018
International TTI: -6.18% below its M/A (last close -5.63%)—Sell signal effective 10/11/2018