Turnaround Tuesday

The Dow opened today 279 points lower. It then dropped another 270 points. The index reached a low during the 10 o’clock hour. Then the Dow rallied back 423 points to close down just 126 points.

The internals of the market were weak. In the S&P 500, there were three new highs and 85 new lows. The index fell as low at 2,691.43. That’s 8.5% below the intra-day peak from September 21.

Our Buy List trailed the market today: -0.62% for us compared with -0.55% for the S&P 500. Obviously, Ingredion (INGR) hurt us a lot. INGR finished the day down -7.6%. At one point, it was down more than 11%. Without Ingredion, our Buy List would have lost -0.42%. That one stock cost the whole portfolio 20 basis points.

Posted by on October 23rd, 2018 at 11:39 pm


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