Was this an overbought “sell the news” market? A key reversal day? We certainly won’t know if this was just a one-off day, but we didn’t see any dip buyers anywhere today. All I can say is markets have been much overbought and were due for a correction. But, it would be surprising, with the quarter only a few trading days away, if bullish portfolio managers would allow any substantial correction. October is another matter.
Tomorrow we get back to normal news like Jobless Claims and Home Sales, not to mention earnings news.
We’ll be back tomorrow and follow us on twitter here.
Disclaimer: Among other issues the ETF Digest maintains positions in: VTI, XLB, IYR, UDN, FXF, GLD, DBC, DBB, EFA, EEM, EWC and EWZ.
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