Navigating a Sea of Red
It has been a sea of red this morning with nearly nine losers for each gainer at one point. The only green out there has been the iShares Barclays 20-Year-Plus Treasury ETF (TLT) as market players look for safety. There is some minor strength in homebuilders on a Goldman upgrade and a little action in natural gas on takeover activity, but that is about it.
We are seeing a little stabilization now, but it is very skittish action, and we aren't seeing any signs of a big snapback attempt at this point. Technically, we are still above key support at the 50-day simple moving average of the S&P 500 at 1333, but you have to wonder if that is going to fall and give us a washout before we reverse....141 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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