U.S. Markets: Bears Have the Upper Hand
The Simple Accountant submits:What an ugly week it was in the financial markets. Everywhere we looked we saw a sea of red. Let's break down the numbers and then look out to the road ahead.
Week in Review
Stocks: Trading in U.S. stocks was quite negative. In the midweek update posted on my blog, I looked for a bounce from oversold conditions to bring the SPX into the low 1300s and present an opportunity to sell. On Thursday we got that bounce but it was weak, failed short of the 1300 mark, and brought little volume into the market. Friday followed with selling right from the opening bell into the close and with higher volume. The index fell 1.8% for the week and remains very oversold. All sectors were in the red, with tech losing 3.25%. Our defensive rotation theme held up but even in these sectors we are seeing technical damage onComplete Story »