Markets gapped more than a percent lower at the open Tuesday after a bad earnings report by BBY and a major guidance warning by SNAP, which hurt the big tech names in sympathy.
The selloff continued the first hour and a half of the day. However, then the whipsaw took over as we rallied then sold multiple times the rest of the day. By 3:30 pm we had indecisive Spinning Top candles in all 3 major indices.
The seesaw action continued in terms of extension as well as VXX gained 2% and T2122 went from over 70 down to 20, both still in the mid-range, but barely and at opposite ends. 10-year bond yields fell sharply as investors bought up those bonds in search of safety. However, Oil was only fractionally lower (about 50 cents) as recession fears did not dissuade oil traders.
Thank you HRC/RWO
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