Off the Charts
You have to start somewhere. While the market finished the day in negative territory once again, indices were at least able to halt early downside momentum and stage a small afternoon bounce. We have seen many afternoons be very unkind to the market over the past two weeks. The S&P 500 finished the day down only 0.18%.
Overall, though, this remains a very unhealthy market. The macro technicals are weak as all three indices are below their 200-day moving averages. Nearly every rally is being sold and leadership is scarce. Earnings season overall has been even worse than expected, economic data has been middling, and now the fiscal cliff looms over the U.S. economy. And those are only the domestic issues. The debt crisis in Europe continues to rumble on and now there are growing conflicts in the Middle East that threaten to boil over into war....717 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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