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A surprising upward spike in existing home sales, particularly in the Western United States, sent index futures rocketing higher on the release. However, traders immediately looked deeper into the figures finding increased inventories triggering a stock smack down off of the futures high. In addition, negative news from Monsanto and tanking Treasuries applied selling pressures, pushing shares sharply lower on the session. The DJIA fell -173.47 to 8300.02. the NASDAQ gave back -19.35 to 1731.08 and the broad based S&P 500 plunged -17.27 to 893.06.
Monsanto (MON | Quote | Chart | News | PowerRating): Dropped 6.30% or $5.37 to $79.88 after the world’s largest seed maker stated its profits will be at the low end of estimates.
Wells Fargo (WFC | Quote | Chart | News | PowerRating): Discouraging words from FDIC chairman, Sheila Bair, sent shares lower 6.12% or $1.57 to $24.08, taking the entire banking sector down with it.
Big Lots (BIG | Quote | Chart | News | PowerRating): JP Morgan downgraded the closeout retailer to neutral sending shares down 6.45% or $1.63 to $23.65.
General Motors (GM | Quote | Chart | News | PowerRating): Led the DJIA lower by falling 20.14% or .29 cents to $1.15/share as bankruptcy becomes almost a certainty.
Gold fell $1.90 to $953.20, Oil advanced 71 cents to $63.61, and the fear index VIX gained 5.68% to 32.36.
According to a recent report, eight out of ten securities traded are exchange-traded funds. Want to learn how to trade them? Click here to pre-order High Probability ETF Trading, the first quantified book of trading strategies to improve your ETF trading.
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According to a recent report, eight out of ten securities traded are exchange-traded funds. Want to learn how to trade them? Click here to pre-order High Probability ETF Trading, the first quantified book of trading strategies to improve your ETF trading.
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The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
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