Thu May 20, 2010 (11.50pm):
DJI: -376.36 (-3.6%)
SPX: -43 (-3.9%)
CL: -0.73 (+1.03%)
GLD: -0.79 (-0.68%)
Major break below the SPX SMA(200) the 1100 support level was broken vehemently. Next level to watch was the low from the Feb 6 flash sell off of 1065.79. ES futures after hours touched the level so tomorrow open looks likely to to retest although the market appears a bit oversold so a bounce off it might be likely.
Media is reporting the major correction to be in place and talk of an extended bear market (now that SPX is below the SMA(200). Bank regulation bill passed senate and is up for reconciliation, not sure how the market shall perceive it, negatively isn't such a bad guess.
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