They are smoking the market lower in the last few minutes of trade. It was decent entering the last hour and even to just a half hour left and we were using that to close positions that were not holding support. Then as does happen on selling days, the last part of the day saw sell programs hit, pushing the indices to the lows. Now a bit of a bounce in the last few minutes is likely.
Basically a day where the market lost confidence and was torched. We closed positions not holding support and will see if those that did hold can put in an oversold bounce or relief move that we can use to exit in the event the bids stay away and the sellers remain emboldened.
SP500 -30.23, -1.27%
NASDAQ -107.35, -1.82%
DJ30 -243.15, -1.16%
SP400 -1.94%
RUTX -2.41%
SOX -2.34%
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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