Stocks rose Monday, October 1st, but gave up about half the gains from their intraday highs. Some weird internals Monday. New NYSE Lows were the highest they have been since June 28th, 2018, with the NYSE up for the day, and up significantly from June 28th. NYSE Decliners exceeded Advancing issues almost 3 to 2 on the NYSE rally. Unusual. Blue Chips ended higher, while small caps fell sharply, the Russell 2000 down 23 points. Our Russell 2000 Purchasing Power Indicator remains on a Sell, while the Blue Chip Purchasing Power Indicator remains on a Buy. Lots of Bearish divergences all over the place, as shown in our weekend report.
The stock market generated its 18th Hindenburg Omen observation since August, telling us the stock market sits in a fragile condition at this time. Tomorrow was the latest scheduled Phi Mate turn date, which could be pointing to a top within a week or so
Gold and Silver fell slightly Monday, while Mining stocks were flat, working through what may be the final small degree wave 5-down move to put in a bottom.
The Wall Street Journal reported Monday that 'the head of the IMF International Monetary Fund Managing Director Christine Lagarde is raising alarm bells about the health of the global economy, saying international growth may have plateaued.
"For most countries, it has become more difficult to deliver on the promise of greater prosperity, because the global economic weather is beginning to change," Ms. Lagarde said in a speech in Washington on Monday.
Ms. Lagarde said the IMF's official economic forecasts, which will be released next week, have "become less bright" and that factors identified as merely risks earlier in the year have begun to materialize.'
This is interesting as our Global stock market charts we reported in our latest International Weekend report are saying the same thing, that international stock markets, a reflection of the economies of nations around the world, are forecasting a significant plunge, and economic slowdown.