The Dow is now in the mid -300s after hitting the -400 mark a short while ago..
fwiw - from the piece
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A series of breaks in technical support suggests further losses, according to market technicians.
“It doesn’t look good,” said John Kosar, director of research at Asbury Research in Chicago. “Frankly, you have to look pretty hard to find anything technically that looks constructive.”
He sees another 5 percent to 8 percent in losses in the S&P 500 from this point.
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Recovery Summer ReDuX!!! hey , UNcle Joe!! How ya doin’? Putz.
Profit taking. The second low was quite a bit lower volume so the down move was losing steam. The speed of the up move looks characteristic of short covering, though it is of lower volume than the last down move so we might make another run for the bottom before the day is over.
You’d think there is some buying as some investors do what is called cating a dropping knife.
If we keep doing what Obama and Reid want and Boehner acquiesces, I’d say thereisn’t any uncertainty whatsoever. The future is pretty certain.
Well, we can at least take comfort in the president enjoying his birthday. Some good news today.
/sarc
Obama is King, all rejoice!