Thanks for the Sell-Off

Volume was light, but the S&P 500 gave back all of the gains of the surprise announcement by the FOMC not to taper on Wednesday. There were renewed concerns that tapering may not be far off, but we also have worries over the election in Germany and, more importantly, concerns about another debt-ceiling standoff in Congress. I'm not sure why anyone would worry about a government shutdown, but it did cause some jitters today.

Regardless of the reasons for the weakness, we need this sort of selling occasionally, especially with the frothy action that followed Ben Bernanke on Wednesday. This market needs to digest gains to set up again. The breakout move Wednesday didn't have a strong foundation and now we are retesting the breakout point, which is exactly what we need to strengthen the technical pattern....787 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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