This Table Is Hot
Institutional selling in the major averages has been the dominant theme in recent weeks, and I'm not convinced we've seen the last of it, especially in light of late Thursday's news of a huge derivatives loss at JPMorgan Chase (JPM). Shares slumped 6.2% in after-hours trading to $38.20. The news will mostly likely fuel another round of selling in the financials Friday -- another headwind for the market to overcome, without much in the way of near-term catalysts.
The major averages still look vulnerable as the Nasdaq flirts with its March 6 intraday low of 2900. The S&P 500, meanwhile, continues to sit above a major support level of 1340. One last shakeout might just be what the market needs to lure new buyers in from the sidelines....346 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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