Market When Closed, Wednesday 30 October

Market When Closed, Wednesday 30 October
Photo by Trey Gibson / Unsplash

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Apparently SEC Filings Do Matter

by Alex King, CEO, Cestrian Capital Research, Inc

Well, $SMCI dropped >30% today on the entirely unsurprising but no less amusing move that their auditor E&Y resigned. My favorite part of this saga was the letter that E&Y wrote to the SEC stating that they could at least agree with parts of the company's filings, like the name of the company and the accounting period and such. Priceless.

The market has run up of late and took this news on $SMCI - news which would have been much anticipated in Bigsville, USA - as a catalyst to bank some gains. Semiconductor took a hit, because it had another catalyst in $AMD earnings. And with the mood tending to somber, $META and $MSFT earnings reactions were both muted, each stock down about 3-4% on earnings that on a sunnier day would have seen green candles.

Well, let's see what all this means when we zoom out and look at the index and sector ETFs; and let's see what is happening in bonds, oil and volatility too.

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Short- And Medium-Term Market Analysis