There's a central bank shocker today. Australia has slashed its interest rate to a record low. The bank also left the door open to more interest rate cuts in the future. The decision is an attempt to counter disinflation and sluggish economies across much of the developed world. The move sent the Australian currency tumbling and its stock market soaring. Apple's (AAPL) stock is on its worst losing streak since 1998. Shares have closed lower for 8 consecutive sessions and is the worst performing stock in the Dow Jones Industrial Average for 2016. Yelp (YELP) shares are getting a boost after Greenlight Capital's David Einhorn disclosed a stake in the company. He told investors that Yelp could double its revenue by 2019 as it moves its sales force to cheaper locations and provides more reporting tools to customers. 3 Federal Reserve speakers are out today and we also get April auto sales.
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Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.