Stock Market Technical Analysis
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After the SPY failed to cross above its 50 ema line for the fourth time in three weeks, stocks slumped modestly today until the last hour of trading which turned into a nosedive for the equities market. While the Fed's "operation twist" (swapping short bonds for long bonds) was widely expected, the markets did not expect Bernanke to change his econonomic outlook to "significant downside risk". Also, Moody's downgraded the big banks.
Fasten your seatbelts, this could easily get ugly now.
Fasten your seatbelts, this could easily get ugly now.
Alan
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