Flight to quality rally and short covering provided another winning trade using my proprietary cycle indicator.The trade entry was not posted due to a very busy schedule on other business matters.
Google's earnings miss on Thursday was followed Friday by misses from three Dow components:
General Electric, Microsoft, McDonald's. Soft European demand is the general complaint so far of the third-quarter earnings season. But not a complaint is domestic residential housing though existing home sales did dip back in September, but only slightly relative to very strong gains in the two prior months.
The Dow ended near its lows, down a very steep 1.5 percent to 13,343. Demand for safety is reappearing with buyers bidding down Treasury yields, to 1.77 percent for the 10-year for a 7 basis point decline on the day. Demand for safety helped give a 0.3 percent boost to the dollar index. Oil fell a sizable $2 to $90 with gold down $20 to $1,720.
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