Another nasty day on Wall St. as higher oil and continued credit fears sent the markets tumbling on higher volume fueled by quadruple witching options expiration. The NASDAQ led the way down shedding 2.3% into its recent support level at the 38% Fib. retracement level. The S&P dropped 1.9% carving out a lower low, in the 62% retracement area.
The CBOE put/call ratio spiked to 1.33, its highest level since the March market lows. Pervasive bearishness may foreshadow a market bounce, but we'll continue to focus on headlines to guide our trading.
Latest headlines -S&P may reduce debt ratings on U.S. automakers. Saudi production pledge and Nigerian ceasefire help lower oil prices. Citigroup may reduce investment bank workforce by 10%. Asian markets decline for third day in a row.
FOMC policy on Wednesday.
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