Today was a very negative day. While it is natural for the market to pause after a few up days, and when it is at or near moving averages or resistance, to have a big reversal after a move up is a bit of a downer.
The market was up early. The $QQQ was up over the 200dma nicely, but then WHOOSH.
Oh, because of Europe. But we already knew that — no matter what happened!
The end of quarter play often ends just a bit ahead of the end of the quarter, just to hit those who jumped into the pool at the end. Hopefully, since the whoosh down came a bit early, there may be some room to move up. We’ll see. Depends on Europe, I guess!
The big news today? The Amazon Kindle Fire! Looks like a great product at a great price point. It will do what most folks want it to do, at a much lower price.
Picture is a Woman of Bloomberg TV, Betty Liu.