Off the Charts
The market slipped for the third straight day, with the S&P 500 dropping down through its 21-day moving average. Crude oil remains a big headline, making another leg lower and closing the day down 1.58%. The Nasdaq suffered the worst losses among the indices again today, finishing down 0.77%.
Cash is king while the market is in correction mode. Tuesday's action was a warning sign that we could touch deeper support levels, cueing traders to clean up excess long positions. It is currently hard to short stocks after this breakdown, but we are not yet at clear dip-buying levels. The key support level to watch is now 1422-1426. If the S&P fails to hold that level, we would need to re-evaluate the market's composure over a longer time horizon....620 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
There’s no substitute for a trading floor to get great ideas, so Jim Cramer created a better one at Real Money and blogs there exclusively. We then added legendary hedge fund manager, Doug Kass, with his exclusive Daily Diary and best investing ideas. Staffed with more than 4 dozen investing pros, money managers, journalists and analysts, Real Money Pro gives you a flood of opinions, analysis and actionable trading advice found nowhere else, and allows you to interact directly with each expert.
Already a Subscriber? Please login.