Hello everyone! Another day and another down leg in the markets today. It seems like we have been bouncing around in every direction the last several trading sessions. Last week, we hit support at the 150 Day Moving Average in the DJIA, which so far is continuing to hold up even though it is looking dicey at the moment. Just like in previous sessions we made a bottom around 11:30 A.M. ET after the close in Europe. This trend seems to be apparent when the volatility is higher than normal overseas, thus continuing over here. There also appears to be a potential shift and rotation among sectors at the moment. This can be a good thing and generally causes short term selling in the winners and buying in the laggards. It is yet to be determined if the moving averages will hold and allow us to continue higher or if this is indeed the start of something more intense for the global markets. There have been several strong seasonal studies that I have noticed over the course of the past few weeks, but again pay attention to the charts to get a clearer picture of the current environment.
Eric Marvin
Past performance is no guarantee of future results. Please always consult your financial advisor with questions pertaining to your specific situation.
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