Europe,Ebola, ISIS, and any number of other issues one chooses to attach to this stock market decline.
You see, the news is mainly the same as it was just one month ago. Europe was struggling but then was a buying opportunity, Ebola was an issue, but we didn’t have it here, now we do. ISIS was the same issue it is today, and so on.
The only difference is now that the market is going lower, all the bad stuff is brought to the forefront of the discussion. Before, it was mainly ignored by the financial media.
Any way you prefer to look at it, we’re in the middle of a correction. It’s not over yet.
In reality, those reading these pages, would rather believe it was the Solar Eclipse. Since it was mentioned, the market has rolled over and is picking up speed.
There are identified support levels coming up, and they can be found in tonight’s video.
Also, many stocks are very oversold and are due for [short covering] rallies.
Look for the dollar to move lower in the coming days, which should provide a bid under the commodity sector, and stocks within.
Look for bonds to continue higher, and keep in mind the bond market was closed today, therefore it may have some catching up to do tomorrow.
We get a smattering of earning releases tomorrow such as Citi, CSX, Intel, JNJ, WFC and several others. Some before the open and some after the close. The banks are before, so they will go the direction of the market tomorrow.
Look for companies who miss their [consensus] earnings number to blame it in part on either the European Economy, the strong Dollar or some other made up reason. Remember, the first quarter earnings blunders were blamed on the weather. Really?