Today was a shocking day for the markets, to say the least.Markets were shocked today by developments in Italy, the ongoing deficit reduction/ceiling standoff between the White House and Congress and continuing problems with the supposedly previously agreed to Greek solution.
Conspicuously absent were Dr. Bernanke and his magic punchbowl to which markets seem to be addicted.
However, he’ll be testifying this week before House and Senate committees on Wednesday and Thursday and so that will be more than interesting to watch.
Finally, to make matters worse, Alcoa missed their already downwardly revised earnings estimates when they reported after hours and described their business as “uneven.”
Dow Jones Industrials (NYSE: DIA): -151 points; -1.2%
S&P 500 (NYSE: SPY): -24 points; -1.8%
NASDAQ (NYSE: QQQ): -57 points: -2.0%
Russell 2000 (NYSE: IWM): -19 points; -2.2%
At Wall Street Sector Selector, we had a nice day with our inverse ETFs and put options faring well during today’s sell off.
However, we remain in a bearish mode, expecting lower prices ahead.
Disclaimer: Wall Street Sector Selector actively trades a wide range of Exchange Traded Funds and positions can change at any time.