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    Trading in New York Stock Exchange-listed stocks on Monday were exhibiting panic-like-selling behavior as global stocks confronted a sharp selloff that has been attributed to rising cases of COVID-19, fueled by the delta variant of the deadly disease.

    The NYSE Arms Index, a volume weighted breadth measure that tracks the ratio of advancing stock to declining stocks over the ratio of advancing volume over declining volume, was showing a reading of 2.172 for NYSE-listed shares. Many technicians say a rise to at least 2.000 suggests panic-like selling behavior.

    The reading comes even as the Dow Jones Industrial Average was off 2% at 34,018, looking at its sharpest one-day fall since May 12; the S&P 500 index was off 1.8% at 4,251 and the Nasdaq Composite Index [COMP] was trading 1.7% lower at 14,185.



  2. Recent weakness in the stock market today will likely be short-lived and won’t extend into a large decline for two key reasons, Fundstrat’s Tom Lee said in a note on Monday.

    The stock market saw a steep drop to start this week, but Lee is maintaining a bullish outlook on steady bond yield spreads and a stable VIX term structure, according to the note.



  3. The Ackman BOOM?

    Famed investor Bill Ackman brushes off delta fears and predicts ‘massive’ economic boom.

    Dr. David E. Marcinko MBA


  4. Dave,
    Many thanks for the “like”


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