We are having second thoughts about the debt deal, and aggravating the decline by having second thoughts about the economy recovering in 2nd half. The latter is no surprise to me, and to be frank, the former is not as well - it is not 11 pm tonight yet, I guess. Are our politicians trying to repeat TARP Vote Part One?
SPX is below 200dsma. NDX is fighting 50dsma. Daily Stochastic is going into oversold. Brave souls who are still selling here better watch out for vicious short-covering rally on any debt deal hint. Market is looking for an excuse to punish you (late shorts). Early shorts are to trail stops down and enjoy. Longs are to forget any heroic attempts to save the market. We still have ISM Non-Mfg PMI, ADP, and NFP later in the week. Just take small positions and quick trades, 200dsma is a resistance for now, but probably gets violated on both sides, as stops get scooped. These are hard times to be in a trade for any longer than a day.
Good luck and be safe!!
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