Courtesy of John Nyaradi
Why is This Man Smiling?
Tomorrow is Jackson Hole and over the weekend comes Hurricane Irene so it’s never a dull moment in the dog days of summer.
Today saw selling in major markets going into tomorrow’s Fed meeting, the announcement of the GDP revision for Second Quarter and August Consumer Sentiment. Beyond the economic news, New York is making plans for a possible hurricane emergency and having the stock markets open on Monday.
From a technical standpoint, we remain in a trading range as support at the 1120 level held and multiple levels of resistance are just above.
Risk remains high and caution is the watchword of the day.
Global Markets Review:
Dow Jones Industrials (DIA): -170; -1.5%
NASDAQ (QQQ) -48; -1.95%
S&P 500: (SPY) -18; -1.6%
Russell 2000: -18; -2.6%
Have a great evening,
John
Disclosure: Wall Street Sector Selector actively trades a wide range of exchange traded funds and positions can change at any time.
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