Today marks the largest down day in a while while topping off the longest down streak for the major averages in 6 months.
The 50 day moving average has been broken with vigor.
Look for a turn around shortly; if we are still in a bull run we should bounce. If not pay close attention to 1341 S&P as this is where we bounced from our last major sell off.
An interesting note today was that despite the meltdown that started in Europe and ended up across the pond for today’s trade; the Euro has not tanked. We shall see in the next few days if the Euro is a key to over panicking markets or if it’s going to play catch up. A crucial level is 1.29 for the Euro.
Historical averages have seen a 9% correction in any given year according to CNBC. As of today we have corrected about 4.1%…
DOW DOWN SILLY…213
S&P DOWN SILLY…23
NASDAQ DOWN SILLY…55
OIL DOWN $1.25
GOLD UP $16.3
2 4 2sday
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