We Can Work it Out

We Can Work it Out

9:00am (EST)

The President did his best Beatle’s impersonation but it didn’t help the market. The bulls made another feeble attempt at resistance and were hoping for some good news on the Cliff. Instead, the bears pushed them over it leaving the bulls hanging by a thread.

The Dow fell 185 points, or 1.5%, to close at 12,570. The blue-chips tested resistance at 12,800 which was prior support and kissed 12,797 but they started turning south shortly after the open. The low for the session came in at 12,542 and our near-term target of 12,600 since mid-October has been triggered. We mentioned in our Weekly Wrap/ Monday Morning Outlook there was a chance of 12,400 being tested this week if the downside momentum picked up speed. (continued…)

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