The two-day rally ended with a thud. Early in the session the S&P 500 index futures attempted to reach Wednesday’s high and failed miserably.
When the index was unable to hold Wednesday’s close, the sellers became more and more aggressive. Once the index failed to hold 4700 on any rebounds, the index went into a freefall.
The end result was a decline of 64.25 handles for a close at 4652.
The one and only winner of the top components of the index was Berkshire Hathaway Class B (BRK.B). The top value of all value stocks added $0.87 or 0.27% to close at $321.26 which is a new all-time closing high.
That was much better than the cash index’ decline of 1.42%.
The most overvalued stock in the index was the biggest loser, Tesla Inc. (NASDAQ: TSLA). The issue gave back three days worth of gains by declining $74.56 or 6.7% to close at $1031.56.
PreMarket Prep Stock Of The Day: Delta Airlines (NYSE: DAL)
The importance of paying attention to large institutional orders. Read more about DAL here.
