The stock market is holding up fairly well after a morning slide led to a modest afternoon bounce. The question will be whether it can hold. There is supposed to be another round of selling at 3:35ET as program trades buy bonds and sell stocks.
Given that most positions are holding support and indeed have recovered off some early dips, we are letting them work. As long as they can hold on through the rebalancing in pension and other funds, that is a nice plus.
So, the last selling period is supposedly starting, this with the SPY near the afternoon recovery high. We will see what happens.
SP500 -1.13, -0.05%
NASDAQ -10.13, -0.19%
DJ30 -17.56, -0.09%
SP400 0.14%
RUTX -0.11%
SOX -0.17%
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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