Market Update for Oct 16, 2019

In today's update:

1) Another quiet day ends with stocks closing slightly lower after an unexpected drop in Retail Sales. The Dow Jones Industrial Average dropped 22.82 or 0.08%, the S&P 500 fell 5.99 or 0.20% while the NASDAQ 100 finished lower by 25.52 or 0.30% and the Russell 2000 finished higher by 1.76 or 0.12%.

2) Crude Oil Futures advanced $0.46 or 0.88% after OPEC decided to extend supply cuts while Gold Futures climbed $10.30 or 0.69% on more weakness in the U.S. dollar. The Bond market was flat and the yield on the 10-Year Treasury Note settled at 1.746%.

3) The after-hours trading session is being dominated by Netflix Inc. (NFLX) and IBM Corp. (IBM) as both companies reported third-quarter earnings after-market close. NFLX beat earnings estimates handily and is currently trading higher by $25.47 or 8.90% while IBM Missed revenue estimates and is currently trading lower by $7.23 or 5.09%.

About the author

Vince Vora is the head trader at TradingWins.com. Over the last three decades, he has been trading and refining his trading systems that are based on technical analysis and price action. Over the last few years, his focus has been on teaching people how to become better traders. His systems range from simple to sophisticated and can be used in any market conditions to trade stocks, options, futures and forex. By: TradingWins Team

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