Wednesday Market Wrap-Tepper Chills Market

{+++} For the day the SPX/DOW were -0.55%, and the NDX/NAZ were -0.60%. Bonds gained 17 ticks, Crude rose 45 cents, Gold rallied $12, and the USD was lower.  Short term support drops to the 1869 and 1841 pivots, with resistance at SPX 1889/1891.

The Russell 2000 continues to be the red headed step child here, as it gave back all of Monday’s nice gain and then some.

The S&P showed some signs of weakness as well as the Dow and Nasdaq.

The markets started to cave around 2:30 mainly because of comments from David Tepper who is getting nervous about this market.

I concur. Here are some of his comments today. The guy moves markets and rightfully so. It must be good to be king.

Nothing new tonight. I would definitly tighten your stops. Things just dont feel right to me.

Bonds are up, Rusell is breaking hard, the Nasdaq is queezy at best and the VIX is oddly dormant which I don’t think will last. Also the last 3 times the S&P hit all time highs we sold off hard.

Just be careful out there. See you in the trading room in the morning.



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