Decent overnight moves higher in the futures fell flat on their arse today as the selling pressure ensued. With tomorrow being options expiration it wouldn’t be too surprising to see some squeezing on the puts early in the day. However, in this market environment anything is possible even the Dow closing at 6 year lows!
The major indices are suffering some substantial losses as we enter October with the Nasdaq leading the way lower. This past week the Nasdaq lost 10.8% and brought the year-to-date loss down to 26.6%. The Dow is down for the year 22.2% and the S&P 500 is down 25.1%. Not good news for the bullish