Despite some ugly chain store sales numbers, multiple earnings warnings (particularly from WMT), a handful of earnings misses and a few earnings misses, a late-day recovery allowed the major indices to finish well off the lows of the day in mixed territory. Instead of being set up for a “buy the bad news” response like we got last month, we’re facing a possible “sell the news” reaction to the data tomorrow morning. We’ll see how it goes, but one thing’s for sure: trying to anticipate how market players are going to react remains as difficult as ever. Given how they acted into the close, they may even be ready to buy, no matter what the data looks like in the morning.
Regardless, today’s action keeps the major indices in decent technical shape, but no less difficult to trade. I still like AOD, especially when the NAV dips into the discount realm.
Long: AOD
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