We all know how the government likes to wait until the last minute to decide things and many of the talking heads were expecting the U.S. Supreme Court to make an announcement on the Affordable Care Act today.
There are some important healthcare issues at stake and we mentioned in our Weekly Wrap and in this morning’s Daily update we expected to hear something by Friday. The suit-and-ties were trying to get the ratings up and were reporting news was imminent and it was. The decision was delayed.
Thursday will be THE last day for them to decide so the market will have to wait. The news will impact Healthcare stocks and the sector will be busy this week.
Futures were pointing towards a lower open last night and we had a feeling the bulls were walking on eggshells. They got progressively worse as we headed towards the start of trading and the bears have been aggressive today. Tech is taking the blunt of the blows with small-caps not too far behind.
We said coming into the week the bulls will need to hold key resistance levels and the headlines were going to be frantic this week. Of course, we expect much of the news to be negative and it appears the market could be headed for the perfect storm.
The Dow is down 157 points, or 1.2%, to 12,483 while the S&P is lower by 23 points, or 1.7%, to 1,311. The Nasdaq is getting spanked for 56 points, or 1.9%, and is at 2,836 and the Russell 2000 is showing a decline of 13 points, or 1.7%, to 761.
We have a lot to cover in our Members Area so let’s get on it.