Market Wrap Markets Get Crushed U.S. stocks declined on Thursday, with the benchmark indexes recording their worst session since July 31, as Apple tumbled on glitches tied to its new smartphone and as investors considered a proposal in Russia that would let its courts seize foreign assets. Reuters reported the draft law, submitted to Russias parliament on Wednesday by a pro-Kremlin deputy, would also allow state compensation for those whose assets were taken in foreign jurisdictions. The proposed measure comes after Italy froze luxury properties owned by a longtime friend of President Vladimir Putin, Bloomberg reported. Economic reports had orders for long-lasting goods falling 18.2 percent in August, while applications for unemployment benefits rose by 12,000 to a seasonally adjusted 293,000 last week, less than the 300,000 estimate. A third number came from financial-data firm Markit, which said its initial services Purchasing Managers Index for September came in at 58.5 versus an expected 59.0. The question you are all dying to ask is whether I think the markets will continue to fall tomorrow. The answer is that I will be surprised if tomorrow looks anything like today. I think you will find some bottom fishing and the markets should stabilize. If not, we will look to see how we can take advantage of the market downturn. It doesnt matter what the market does, only how your respond. For the record, the SPY is now below its 50 DMA and is rapidly approaching a support level at 195.96. If it breaks below this level, the market could definitely be headed lower. DJIA 16,945.80 - 264.26 - 1.54% S&P 500 1,965.99 - 32.31 - 1.62% Nasdaq 4,466.75 - 88.47 - 1.94% VIX 15.64 + 17.90% Gold futures 1,221.90 + 2.40 Oil futures 92.53 - .27 10 Year Treasury 2.50 - 0.065
Posted on: Thu, 25 Sep 2014 22:20:51 +0000
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