9:00am (EST)
We had our best Phil Collins song playing in the office as we prepared for yesterday’s opening bell because we knew it wasn’t going to be pretty. Futures were showing a rough open when we hit the rack and got progressively worse as we started to digest the morning news around the water cooler. It was certainly an “In the Air” feeling and the bulls could feel it coming. Oh, Lord.
The bears were dealt some great headlines to do battle with as overseas news dominated the tube. Greece reappeared on the scene, Israel and Iran continued with their war of words, Brazil’s GDP (Gross Domestic Product) dropped like a rock, while all hell broke loose in Yemen. There was no good news for the bulls as they faced a 1% drop at the open on an ambush.
The Dow plummeted 203 points, or 1.6%, to finish at 12,759. The levy broke at 12,800 as the flood took the blue-chips down to a low of 12,734. It was the Dow’s first triple-digit loss of the year and the first 200 point debacle since November. We mentioned there would be a bloody battle at 12,800 which was where much of the action took place until lunch. Here is the chart work from our Weekly Wrap/ Monday morning’s outlook as we can officially say the 5-week trading range has been broken.
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