The 1294 Dance

The SP500 keeps brushing against 1294 and bouncing.  If anyone has $500M worth of SPY and wants to see some fireworks please do a market sell order here. ;)

The NASDAQ is certainly going to close below its 50 day moving average and barring that crazy guy in Libya “retiring” in the next 30 minutes it looks like markets will close near or at the lows of the days.  Actually it is a bit ironic the market is being hit on a day oil has fallen considering oil has been the main worry the past few weeks.

Larger picture a market that closes on its lows should not have a premarket surge the next morning, but in this market we have seen that happen a few times the past 2 years.  If there is a weak open tomorrow that would be far more normal and again a change in character.  It does appear everyone is staring at 1294 today so we will see if a kettle of water can boil when everyone is mesmerized by it.

About Mark Hanna 543 Articles

Affiliation: Hanna Capital, LLC

Mark Hanna is President and Owner of Hanna Capital, LLC, a registered investment advisory firm. Mark has been a follower of markets since the late 80s, with a focus on individual equities since the mid 90s. He has been a well known commentator in the financial blogosphere for the past 5 years, following a career in corpoporate finance and accounting. Mark attended the University of Michigan where he graduated with a degree in Economics.

As an avid reader, Market Montage is the personal blogging site for Mark to share his views on economics, markets, and the like. Occasional cynicism and wit shall be deployed in his postings.

Follow Mark on Twitter @fundmyfund.

Visit: Market Montage

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