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You can bet that even a mediocre quarter will be rewarded with applause and a rally. Hallelujah now, i for one think that oil is going to stay lower longer. We ran up to that 34 level as we did earlier today. We start getting some real resistance because there are so many strapped Oil Companies out there that need to dump crude on the market or sell futures to hedge and bring in cash. Its almost impossible to get over that 34, 35 hump. Thats why i urge you to understand the rhythm we have got going here in this market and recognize that occasionally well get selloffs in the stocks of companies that deliver fantastic quarters but have the misfortune of reporting on a day when oil goes down. That could be where the opportunity comes in. What do i mean . Lets take salesforce. Com which reported the best quarter of any Technology Company in 2016. You know i dont like to chase. ....
Hallelujah now, i for one think that oil is going to stay lower longer. We ran up to that 34 level as we did earlier today. We start getting some real resistance because there are so many strapped Oil Companies out there that need to dump crude on the market or sell futures to hedge and bring in cash. Its almost impossible to get over that 34, 35 hump. Thats why i urge you to understand the rhythm we have got going here in this market and recognize that occasionally well get selloffs in the stocks of companies that deliver fantastic quarters but have the when oil goes down. That could be where the opportunity comes in. Lets take salesforce. Com which reported the best quarter of any Technology Company in 2016. You know i dont like to chase. After the quarter. I said you have to be careful turbulence that could bring it down. Salesforce itself which obviously did a great jo ....
Lets take a look at the numbers there for you. The dow is currently off by 266 points. The s p is down by 41 and the nasdaq, look at that, a 2. 6 drop, 125 points being shed off the nasdaq. All three are now in correction territory. Lets get more on the trading action on the floor of the stock exchange. Its a pretty ugly day, it really feels like the market is having a lot of difficulty finding its footing. A number of different factors at work. You had the weaker close over in europe. You also had the disappointing Industrial Production or industrial profit numbers out of china today. Add to that the weakness, the continued weakness in the commodity space. Oil is down. Hasnt broken through that 44 level but youre also seeing weakness in zinc and copper, et cetera, and gold today. All of that is keeping pressure on the markets. The s p also breaking below that 1900 level. People were watching that. Right now were watching t ....