Your MUST-READ Morning Stock Futures Cheat Sheet: Damage

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The Precise Take – Damage

Big Picture Analysis:  In a rare move yesterday, the risk markets sold off after yesterday’s FOMC Announcement and closed at lows.  As we write, the ES is down another 30 handles testing the ~1120 area (only Monday, we were in the mid twelve-teens).  Just prior to the announcement, Moody’s downgraded the debt of the large US and Italian banks, and the markets are once again not discounting disappointing news out of Europe.  While we wrote yesterday that a market clearing flush would be healthy for the markets, this is a bit more than we had envisioned.  Gold, the US Dollar Index, crude and long term Treasurys are signalling there is likely more risk aversion to come.  Once the markets find value and stabilize, we will gauge the damage to leading stocks to determine the prospects for the next rally.

Trading Today:   Below are marked the support and resistance areas.

Today’s  Scheduled News (all times EDT)

Major Market Movers
None

Minor Market Movers
Leading Indicators at 10:00 am

Tomorrow’s Scheduled News

Major Market Movers
None

Minor Market Movers
None


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