A strong GDP just wasn’t enough to forestall a gap close on this morning’s move higher. Internals are running sideways right now and we seem to be holding at the S&P’s prior close for now. Are traders perhaps taking pause to consider:
- The Fed beginning to turn off its supportive facilities next week?
- The rise of the dollar?
- ‘Non-perfect’ earnings reports on this high GDP reading?
- On-going sovereign rating concerns?
- On-going domestic political unease?
- The sudden turn in price momentum?
The charts just look awful, particularly the QQQQ’s. Can the change-of-month effect at least provide markets with an overdue bounce after the sell?
