Another mix of news affecting stocks. Pimco outflows, Hong Kong protests and rumours of Morgan Stanley selling boat loads of stock futures, to name a few, is helping see stocks take a bath early in the US trading day.
- S&P -16pts to 1966
- Dow -126pts to 16983
- Nasdaq -34pts to 4477
If we are seeing some unwinding of bonds and whatever else from Pimco then it might be a good opportunity to fade it. The Hong Kong situation is an unknown though and whether that leads to anything more substantial remains to be seen. If anything we’re likely to see flows coming out of there but to where is the question. The Morgan Stanley rumour may well have a part to play and we’ll look to get more info.
