Wednesday, January 20, 2010

And cue the the fat lady...

As I said yesterday, the market had a singular focus - A Brown win would rally the market. Unless, it doesn't. Ooops.

The power of computers running the market right now is startling. The technicians said that the S&P 500 would run to resistance again at 1050 (closed yesterday at 1150.23) but it had to get to 1152 to break through. That didn't happen and the computers all decided to run to exit at the same time. The indexes are down roughly 1.5% today. Asian markets have been pretty weak over the past week and many have hit new 2010 lows recently.

The market has proved very difficult to hold down despite all of the recent news so we could bounce. Fun times.

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