The SPX 1220 area represented a confluence of resistance and stopped the rally since yesterday. The dip buyers are more aggressive and closed the market at the highs of the day. The market is still overbought so more consolidation may be needed. GOOG presented a decent report after hours but the market have sold off from the after hour high. Will we get a sell the news reaction tomorrow?
On a side note, I just passed out the 3rd qtr 401k statements to each employee. On a company level the average loss was 14%, and most are shocked at how much they lost. The moderate risk and above section dropped to from 73% to 63%.
