I wrote not too long ago that a close below 1354 S&P would not be good. I also wrote it is not worth getting long until we close above 1380; but of course i tried to catch a few falling knives.
No worries since they are minor positions. But shame on me for ignoring gut instinct.
The markets tried to pare losses all day as hopes for QE crack from the fed is still holding markets up.
With Spanish bank run rumors, Fitch downgrading Greece, and Moody’s all but telling the markets they will downgrade Spanish banks the markets could not stop its attraction to the 200 day of 1275.
The 10 year closed with a record low yield of 1.69%…WOW
DOW down 156
NASDAQ down 60
S&P down 20
WTI down $0.26
Gold up $37
At any rate, the FLY beat me to it so I’ll just slap up the chart; we seem to be headed for the 200 day. Perhaps a washout will occur. Oh and expect a small bounce b4 getting there. Looking at the chart, it seems this will be a confirmation of the recent uptrend. So it is crucial the market defends the 200 day ma or else it is curtains.
Click chart to enlarge for a better view.
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