My best trade idea was early in the week with the SPY/QQQ pair. After talking with Mark we think the big end of year tech rebalance is over so that idea could have some legs as that sector recovers. Congress could still provide some fireworks as Dec 15 looms but nothing is really sinking the market for stocks. Maybe all the volatility is going to Bitcoin (BTC) so that could be a dampener. After all BTC is worth more than WMT so we got that going.
Ever since this summer when AMZN kicked the tar out of COST and WMT for buying toney retail space owner WFM, I have been waiting for the next victim. Meal maker BLUE got thrashed but that was kind of a David and Goliath battle anyway. WBA is no market pansy but rather a real heavyweight globally in prescription drugs. It did not matter much as the leader premium got kicked out of WBA in a hurry.
Not much to write about today. The biggest news is that the NFL might review its “take a knee” policy and that as you know would overshadow any economic news. I did find headlines about the Chinese government taking an “active” role in the big Chinese internet companies and I am thinking long term that cannot be good. BABA and BIDU were both done a bit after torrid runs. My story for today is WMT because it broke the 3 day rule I just wrote about and what the heck I own it too.
Actually, I don’t know if AMZN sells car parts. I know that my small town has several auto parts stores that supply all the mechanics and that ORLY is one of them. ORLY also sold less than everyone thought they would. As of today with ORLY the market thinks that business has its best days behind it. Volvo offering all electric or battery models in a couple of years is not helping the auto parts stores either.