Off the Charts

The market opened sharply lower this morning as there was no progress this weekend toward avoiding a government shutdown. Political turmoil in Italy and a weak PMI out of China also contributed to world market weakness. The indices tried to fill the gap in the first three hours of the session but momentum faded in the afternoon. The S&P finished the day down 0.60%, bookended by a 0.84% loss for the Dow and a 0.27% drop for the Nasdaq.

The best way to describe the market now would be "disinterested." The market has been dribbling lower since the breakout failure in the days following the Fed "no taper" decision, but the selling hasn't been aggressive enough to create a real compelling oversold dip-buying opportunity. There has obviously been some profit-taking after the initial short-lived Fed decision shock and euphoria, but most investors seem to be in wait-and-see mode due to overall policy confusion.  ...699 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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