The WED midweek market closing may have something to do with the selling ongoing, but whether it does or not, this is not easy test after the rebound off the October low test.
Perhaps it is a scare regarding the implications of a yield curve trying to invert or some yearend selling programs (some did hit the market at midday). Regardless the reason, the indices are sporting hefty losses as some good gains are flipped. Many stocks that have led the past few months are holding up while those that rebounded more of late are struggling. Overall, however, darn few are trading well today.
We are watching to see what kind of late bounce occurs. Some are trying to bounce late, but it is going to have to be a heck of a move given the 3+% losses on the indices.
SP500 -88.04, -3.14%
NASDAQ -278.61, -3.75%
DJ30 -766.53, -2.96%
SP400 -3.59%
RUTX -4.18%
SOX -4.83%
NASDAQ 100 -3.76%
______________________________________
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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