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“If you wish to increase your success rate, double your failure rate.” – Thomas Watson
Futures are mixed this morning following some weak earnings in the technology space. Both the S&P 500 and Dow futures are in the green, while the Nasdaq is indicated to open lower following disappointing earnings from Intel (INTC) and Snap (SNAP) after the close yesterday. If the S&P 500 manages to close out the day in positive territory it will mark the eighth straight day of gains for that index. The only economic data on the calendar this morning are preliminary Markit Manufacturing and Services PMI readings for October.
Read today’s Morning Lineup for a recap of all the major market news and events from around the world, including the latest US and international COVID trends.
You read the title of this post correctly. Traditionally, investors are used to seeing steady moves higher in the market followed by sharp and swift pullbacks. Since the S&P 500’s peak in early September, though, we have seen the opposite pattern play out. In the most recent 5% pullback, the period from the peak to trough on 10/4 covered 21 trading days. Since the recent low on 10/4, though, it only took 13 trading days to erase all of the prior losses from the 9/2 peak. Talk about a quick rebound!
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