WOW, just WOW!
Just when I thought I was missing the boat being in cash the market has its biggest drop of the year.
NOW I think we will see it move sideways to slightly higher tomorrow, I very much doubt the bulls will have the audacity to stage another rally after such a terrible dip. The cartoon above says it all, no encore, just hooked off by the bear!
However, the opportunity is about to knock for those bold enough to grab the bottom of this latest downtrend.
Not that I am sure that it is the bottom of the downtrend, but the probability is high that it will at least be a decent swing higher for a small profit at least.
U.S. stocks sank on Thursday, erasing all and more of the previous day’s rally, as investors bypassed U.S. corporate earnings and economic reports to focus on global concerns, including Europe’s softening economy.
Ahead of Wall Street’s start, data showed a 5.8 percent drop in German exports in August, adding to downbeat numbers that had German industrial orders and output falling as well.
Stocks furthered their losses after European Central Bank President Mario Draghi said there are indications that the euro zone’s economic growth is slowing and that central bankers should strive to boost inflation.
Separately, wholesale inventories rose 0.7 percent in August, compared to expectations of a 0.3 percent gain.
Earnings: Fastenal, Infosys, Progressive
IMF fall meeting
8:30 a.m. Import prices
9:00 a.m. Philadelphia Fed’s Plosser on monetary policy
1:00 p.m. Kansas City Fed President Esther George on economy
2:00 p.m. Richmond Fed’s President Jeffery Lacker on the economy
2:00 p.m. Treasury budget
News Sources: CNN Money & CNBC