Central banks tend to move together, and with odds pointing towards a rate hike in December, precious metals, bonds, and stocks have all corrected somewhat. Precious metals ETFs GLD, SLV, and GDX and bond ETF TLT are all trading around their 50-day moving averages.
So while they are undergoing a correction, the continued troubles in China and Europe may prevent the Fed and other central banks from hiking rates and/or tapering. Should such a scenario become more evident, we could see the price of stocks, bonds, and precious metals regain their lost ground sooner than later as they have done so many times before.
With that in mind, it is key to remain fluid in one's views of the market.
TWLO, ACIA - two former price leaders that are in corrections, having undercut their respective 50-day moving averages.
ANET has been the only name added since September 21 which shows how few new stocks this market has offered up. Of course, the day after ANET was added to the list, it would have been sold on the reversal back into its base around 85 for a 1.7% loss.
Stocks getting support at their 10-day moving averages: NTES
Stocks getting support at their 20-day moving averages: WIX, WB, ISRG, EDU
Stocks getting support at their 50-day moving averages: BABA, ELLI, GIMO, GKOS, GRUB, EW, LN, SSTK, NVDA, FB
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