The Worst Week in 9 Years~Market Recap. Feb 5-9,2018
U.S. stock market continued 2nd day losing streak with Dow falls -1,511 points intraday. The VIX, measured volatility +97% intraday, the S&P 500 -4..1%, Russell Eft (IWM)-3.47% and IBB -4.03%. In the after hours trading, the ETN/ETFs instrument continue to plunges further down like SVXY -79.66%, XIV -84.41%, while VXX +28.74% and +26.67%. This is one of the wildest and most bizarre day I've seen in a long time.
As the U.S.. stock market open on Tuesday, the Dow slide -540 points, but made a recovery and Dow was up +567.02 points at closed. Credit Suisse said it will end trading in security that exaggerating movement in volatility, The last day for XIV will be Feb 20. The ETFs at close on Tuesday performance are: SPY +1.97%, IWM +1.20%, QQQ +2.65, AND IBB +2.03%
Wednesday the Dow soaring 358 points in mid-day trading, from the wild ride down of Dow -500 points yesterday. For economic data, the crude oil inventories 1.895m vs 3.18m. The S&P closes -0.54%, Dow -19.42 points and IBB +0.05%.
Thursday U.S.. Jobless claims at 45 years low. This led to rising 10 year yield and Dow drops -700 points intraday, this is the third times this week market has been spooked by high yield interest rate. This could also be high inflation and the continues White House drama. The Dow -1,032.95 points, SPY -3.72%, iwm -2.93 and IBB -4.165.
On Friday morning, President Trump ended the second government shutdown by signing spending budget bill. Dow open up +300 points, but quickly sell-off and briefly turned red two hours after the opening bell, at mid-day Dow drops -300 points. That's a 600 points Dow swing. We have not seen this market volatile since the beginning of 2016 year with the sell-off for two months. The U.S. economy is still very strong, this could be just a correction that need to bring the true market valuation.
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