By Richard Russell
With the explosion in news events I've had to find a way to simplify things through the stock market. My new way is to follow four key stock averages. Today at mid-day all four were down triple digits.
The Dow Industrials as I write are down 382 but still above the key 16,000 level. Transports are down 122 but still above the key 7,000 level. The Nasdaq is down 96 but still above the key 4,000 level. NYSE was down 271, having fallen below the key 10,000 level to 9,904. This puts the Dow in correction mode, but we still don’t know if the market is in a correction or the beginning of a major bear market. So far the market weakness is being blamed on China, but I suspect there is more to it than that.
Meanwhile gold is up 7.0 to 1139.5. Surprisingly the market is taking the potential rate rise this year as a ... Log in or subscribe to continue reading.