The market sold off early and is trying to come back. The DJIA was off over 300 points in late morning trading but is now down only 265. The SPX is down 23 points to ~1192, NASDAQ Composite lower by 53 points. The VIX has not spiked as high as some thought it might, gaining 1.40 today to 33.40.
Existing Home Sales came in with a positive surprise near the opening, but this was offset by forcasters lowering their economic growth targets for next year. France, as well as Spain and Italy were mentioned in negative articles mid-day.
Options volume, the Monday after expiration and in a holiday week, was relatively light. AAPL & BAC were the volume leaders in equities, VIX option volume was ~70k at noon. The CRB was off 8 points, with grains, gold and oil all lower.
Chartists didn’t like the way the S&P 500 knifed through the 50-day M.A. near 1205. One told me the next support is near 1182 and then 1177.
So we wait….. for what we don’t know. GDP tomorrow, Wednesday a busy day for economic numbers. Looks like the Bears have the upper-hand at the moment.