The DJIA got to 119 points up and closed almost 130 down.
S&P 11.58 up, close 13.61 down.
First up, MoneyBeat:
Sigh.
We’re suckers for streaks here at MoneyBeat, and the one that was just snapped was a goodie.
The Dow is now riding a three-day losing skid, capped by today’s 126-point drop, marking the first time this year the blue-chip average has suffered three straight down days.From Advisor Perspectives:
With it all said and done, the Dow went 112 trading days without a three-day losing streak, the longest such stretch in its history. The previous record was set in 1935, when the Dow went 93 trading days without three straight down days....MORE
S&P 500 Snapshot:
Poised on its 50-Day Moving Average
...In yesterday's 500 snapshot I speculated that the 50-day moving average could be a "potential trampoline" for the index. Today's low of 1610.92, hit about 40 minutes before the close, was less than half a point from the 50-MA. The index closed the day fractionally off its low with a loss of 0.84%. It's down 1.88% for the week so far.
Here is a 15-minute look at the 3-day downer.
Today's selling was reasonably orderly with volume 12% below its 50-day moving average.
The S&P 500 is now up 13.06% for 2013 and 3.40% below the all-time closing high of May 21....MOREFinally, from Slope of Hope
The Head Fake
...In financial markets, a head fake is where the market appears to be moving in one direction but ends up moving in the opposite direction. For example, the price of a stock may appear to move up, and all indications prior to that are that it will move up, but shortly after reverses direction and starts moving down.
Head fakes are often caused by market makers who place bids and asks in such a way that they cause the apparent (fake) trend in order to later profit from it. source: Wikipedia.org
