Got slammed today with the dow plunging 92 points and the s p sinking 7. 28 and lets go through the biggest episodes of the day to explain this twosided theory and the side that we weighed on the market and the side that we ought to consider. First, theres oil. Right now were at the bottom several times before. Exxon, chevron and royal dutch were negative about the oil markets when they reported last week. Of course i find this somewhat ironic considering that they were positive all of the way down. In fact id say these big integrated oils were depending on a vshaped recovery and a ushaped recovery and now no recovery at all. Normally i would say lets go the other way and be contrarian because if they were way apart, why should i trust them now . Given that they spoke last week theyre taking it pretty seriously and not only that but iran came out and said the moment the sanks are lifted theyll immediately increase output by 500,000 barrels and add another million per day in a month and
Including the countdown to the first republican debate. Frontrunner donald trump will be center stage, is he ready . What is his strategy . Trump will be with us live momentarily but first, we start off with breaking news, this mysterious piece of debris has just been found near a fragment of a wing that was found just days ago. That piece is set to undergo analysis to see if it is from missing Malaysian Airline flight 370. Lets bring in steve ganyard, many are wondering, is this part of that plane . I think well have to wait and see. This has to go back for forensics testing. We need to continue to go deliberately, slowly and make sure we look at these pieces by themselves and figure out if this is part of the airplane. Okay, so, if this turns out going to help us pinpoint where that plane went down . Not really, because theyll go back and theyll do some forensics on the metal, it will tell us what happened at the end when this airplane hits the water, but its not going to tell us whe
To get to this morning including the countdown to the first Republican Debate frontrunner donald trump will be center stage, is he ready . What is his strategy . Trump will be with us live momentarily but first, we start off with breaking news this piece of debris has been found near a fragment of a wing was found just days ago that piece is set to undergo analysis to see it from missing Malaysian Air flight 370. Lets bring in steve ganyard, many are wondering is this part of that plane . This these to go back for forensics testing. We need to continue to go deliberately slowly and make sure we look at these pieces by themselves and figure out if this is part of the airplane. If this turn turns out to be part of that plane will it help us pinpoint where that plane went down in. Not really because theyll go back and theyll do some forensics on the metal, it will tell us what happened at the end when this airplane hits the water, its not going to tell us where the pieces of that airplane
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It will have erased the gains of the year. Courtney reagan has more on whats exactly happening. One trader i talked to said there is no one sudden catalyst. Just a lot of things were seeing thats making this a be generally riskoff trade. If weve broken through sew key Technical Levels. Specifically on the s p 500. The next level we are looking for is 2,067. Well see if we break through or hold above it. Consumer discretionary, health care, telecom are the biggest drags. Energy is actually higher and crude oil which continues to fall. Despite all the retail news and movers in the Consumer Discretionary names weve been uk talking about it all today, 7 of the 15 performing stocks in the s p 500 are media stocks. It is kind of due to this reinvigorateing talk about cord cutting. If you look at the s p media industry, a subsector group here, having its week since october of 2008 when it lost almost 22 . You can see by that chart was level, then the steep falloff. One consumer discretion yae