mardi 13 janvier 2015

The market reversal

"The market reversal: the S&P 500 hits its highs for the day just after 10 AM ET, but started drifting lower after 11."

Energy stocks, Alcoa going negative, and particularly disappointing comments from KB Home on its conference call, which dropped the whole home builder market, were early catalysts. 

But there were a series of very quick down moves which saw the S&P 500 move from roughly 2,040 to 2,010 in an hour.

That's a big move for an hour, clearly programs going off. explanations include:traders sold a boatload of calls, President Obama's request to the Congress for authorization to use military force against Islamic State, the end of QE is a big topic and what that brings to stock markets.

Read more: thing to watch is the poor performance of financials. They have performed poorly today and were among the first sectors to drop off.

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