Well, we got the rate hike today so let’s take a look at the top performers on the day. Let’s start with the losers first, since we bathed in a sea of red (see below). Gold and silver were dismantled once again to the tune of 5%, leading the way lower on this extra special FED day. Oil & gas saw a nice pullback as did the REITs. As far as the shipping industry, there are dead bodies everywhere as $DRYS made fresh new lows on the year today. Have a look:
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As for the winners on the day, well… there’s not much to talk about other than maybe Airlines (see below)? No thank you.
As for today’s hybrid movers inside Exodus, you may view the full screen HERE. My favorites from our daily screen include: JD, DISH, & UAA. Keep an extra eye on $JD here, if she can hold $27, a breakout will be on the horizon. I’m currently long a few shares.
See you guys at the open…
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I was told last night that miners were oversold. So after today does this mean that they are over-oversold?
“I created Exodus in 2008 to analyze and test key levels for over 4,000 stocks and 200 industries. Ever since our algorithms have been running, the gold mining sector has never been this oversold.
Observe our hybrid oscillator, which tracks both technicals and fundamentals of every stock in the gold sector, which then determines if said level is at a critical stress point.
Today is Fed day. Expect the Fed to raise rates and offer a slightly hawkish outlook. Anything short of hawkish will spur an immense rally in gold. Taking into consideration the 18% median drop in gold miners over the past 3 months, I think they’re well worth the risk here and would be buying them hand over fist, had I not already owned a bunch.
I am long $GLD, $AUY, $ABX and $AU.
Also, and this is worth noting, gold has performed exactly how it always does during the Fall — trade lower. Based upon Exodus‘ seasonality engines, heading into the winter months may prove to be a wellspring for the maligned sector — a counter reaction to the recent surge in risk on assets.”