Thursday was definitely about President Trump and North Korea. Markets that sit at historic highs but tend not to move much over a period of weeks are prone to investors looking for reasons to take profits. No one wants to be the first to exit but once selling starts others decide to join in, especially when they see the large declines in some names like Netflix, Alphabet, Amazon and today, retailers. Even those retailers that have yet to report earnings fell back, such as Target Stock (TGT) which fell 3.85% and even Walmart which is at 52 week highs, pulled back 1.16%. Selling always breeds selling and the fear of the unknown is what drives investors to sell.
The VIX Index had its biggest one day move since May, jumping 44%. The VIX range today was from a low of 11.56 to a high of 16.17. It closed right near the high, at 16.04. The 52 week high this year was 23.01 so you can see just how strong the move higher was. All three indexes lost major ground today.
Here is the outlook for the S&P and NASDAQ indexes for Friday Aug 11 2017 as viewed by the advance decline numbers from the close of trading on Thu Aug 10 2017.
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Advance Decline Numbers Outlook For Aug 11 2017
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