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The market had one of its worst session of the year a day after having the best one in a year. Yesterday we wrote this:
If momentum can continue a mid day sharp reversal as we had today could be a turning point. The next few sessions will be important to watch.
Well it didn’t take a few sessions, we saw our answer in one session. And it was not good news. The S&P 500 sunk 2.07% and the NASDAQ 2.02%. Bad news from Europe continued to pile up: data showed a 5.8% drop in German exports in August, adding to downbeat numbers that had German industrial orders and output falling as well. Stocks furthered their losses after European Central Bank President Mario Draghi said there are indications that the euro zone’s economic growth is slowing and that central bankers should strive to boost inflation.Continue reading