12:45pm (EST)
We knew the bulls would have trouble advancing the market today but we thought they had enough left in the tank to steal a weekly win. There is a lot going on and a ton of news has hit the fan in the past few hours which has dragged the major indexes to fresh lows.
Europe’s markets have closed for the day but there is speculation Greece may default on its debt after the European Central Bank stated a key official had resigned. The departure of the bank’s top economist has Wall Street speculating that policymakers remain at odds over how to improve Europe’s economy. Imagine that.
We have already started working on our Weekly Wrap so we will have more to say on today’s action on Sunday. The President has passed through “Our Town” on his way to Richmond, Virginia and is speaking to a group of people.
Obama said he plans to get the “American Jobs Act” signed next week. Good luck, Gus. We doubt the Republicans are going to show up with pens in hand and we can expect more bickering, more finger-pointing, and more gridlock. This means a lower market or a continuation of the current trading range.
As we head to press, the Dow is down 333 points to 10,962 while the S&P is lower by 34 points to 1,152. The Nasdaq is off by 65 points to 2,464. We have nailed support and resistance all week and the key levels to watch for are: Dow 11,000; S&P 1,150, and Nasdaq 2,475-2,450.
Make sure you join us Sunday night for a complete update. Until then, have a great weekend everyone.
]]>