Saturday, September 28, 2013

Market Waiting For The Clown Show

The market hesitated to make a directional move one way or the other while it waits for Washington to perform its clown show with the debt ceiling/budget deal.

There were many market pundits proclaiming how bad the month of September will be when August came to an end. As it turns out, September was not a bad month but it wasn't an easy month for many traders. The market has become more of a stock picking market and the easy picking is diminishing. As October approaches, one needs to be reminded of October 19, 1987, the day the DJIA drop more than 25%. There is no sign the market is setting up to such a drop in October, but certainly one should never be complacent and believing this market will zoom higher without having someone eventually holding the bag.

Here is a look at the market and where it might possibly find support and resistance in the near term.

Click here is view the video if you do not see a video player on your screen.



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