More to Go on the Downside
Traders greeted the news of Obama's re-election with bearish pressure. We saw heavy selling in areas of the market that are viewed to be on the wrong side of the Obama agenda, such as coal and defense. We also saw heavy pressure on dividend-producing names as traders start pricing in expectations for significant tax hikes on dividend income.
The weakness on Wednesday wasn't enough to move the needle for our indicators in a significant way. In other words, we expect to see selling pressure continue until our indicators "clear" and reach an oversold extreme. ...404 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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