Moody's fired the head of the their structured finance department.
OPEC blames a weak dollar and speculators for high oil prices.
Sugar hits a three months high.
The ISM Manufacturing index rose a bit.
A very volatile day. Notice the following:
-- Prices fluctuated heavily between bull and bear twice
-- Notice the market broke through two levels of resistance
-- Also note the 200 minute SMA provided some resistance at first
-- The market closed near a daily high
-- Remember that in the big picture the averages are looking at a possible bear market, so anytime we see these huge drops we'll probably see some buying
-- Like the SPYs, we have a lot of volatility
-- Notice the gap up with about an hour or so left in the day
-- Prices broke through three levels of resistance in the last 2-3 hours of trading.
A lot of up down up action. However, notice that prices never got above the 200 minute moving average.
