Wednesday, 28 August 2013

A 160 points drop is never a good signal for the market

Dear Friends,

It does seem like Syria and the Debt ceiling bombshell is hitting the US market confidence hard, just when it shows a bit of recovery last week. One problem adds to another.

At first, it was QE tapering. Then there is the treasury yield rise to 2 year high problem. Then today both Syria bomb uncertainty and debt ceiling issue is plaguing the headlines.

Syria article:
http://www.marketwatch.com/story/us-stock-indexes-hit-by-syrian-worries-2013-08-27?dist=afterbell

Debt ceiling issue:
http://www.marketwatch.com/story/lew-hill-leaders-lack-plan-to-raise-debt-limit-2013-08-27?dist=afterbell

With US having more questions and uncertainty, it does seem that local market will be affected. Today let us anticipate a selloff in Asia. Hopefully this Syria issue is solved without any brutality.

A few hints I am looking at for a stop to this slide:
1) 3 consecutive up days on the DOW
2) A triple digit up day
3) An up day on next friday , the non farm payroll report day which will decide the fate of the QE tapering

Rgds
Daniel
www.danielloh.com

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