After Bernanke hinted that QE3 was much further away and the debt ceiling debate deteriorated into a circus act, the market closed weak again from a good open. Are the “smart money” selling the close?
The SPY have lost the 50 day moving average again, but GOOG is providing a solid earning spark after hour and could help the mood tomorrow. While we held the premarket support area from the past two days, we may still be one swoosh away from some real fear. Another drop would put the McClellan Oscillator in deep oversold territory while the VIX would likely spike above the upper Bollinger band.
