Just when you thought it was safe to go back in the water Boeing (BA) posts a negative earnings surprise and terrorists seem to have launched an attack in Ottawa, Canada. Both these items unnerved investors. Additionally, and as I noted last night, the trusty McClellan Oscillator (NYMO) was in short-term overbought territory which generally means some selling should take place.
The dollar rose, gold and commodities (especially oil) fell and stocks overall fell rather sharply with only Consumer Staples (XLP), Utilities (XLU) and other safe havens including Treasury bonds.
So as the children’s game Simon Says goes, “Simon says, take three giant steps forward. Simon Says, take one giant step backwards.” And so it goes.
Leading market sectors higher included: as