Market comments for Nov. 23rd
Well we did go below 11.000 on the Dow this morning, as the Put to Call ratio had suggested it would on last Friday, but it quickly went back above it. It took a barrage of blasts by North Korea into South Korea to drive all world markets lower, but whatever the event, the markets will be under pressure for at least another 40 days. The Nasdaq has also gone below the psychological 2500 level and currently is around 2489, down 42 points today. The S&P 500 is also down to the 1180 level. Tax related selling is full in force right now as well. Insider trading this morning shows an imbalance of Insider Selling dollars versus Insider Buying. One company to note is TRW and 5 Insiders have sold $490 million dollars of stock this morning. Home Depot (HD) had 3 Insiders who sold $173 million dollars of its stock and Cinemark (CNK) had one Insider sell $177 Million of its stock this morning. Contrast this to 3 Insiders buying AIG stock for a total of $45 million (this could be a fed easing investment) and Live Nation (LYV) had one Insider Buying $45 million in its stock.