Wednesday, June 30, 2010

S&P500 Breaks 1,040...Heading Lower

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Well...the line in the sand finally gave way as last hour selling plunged the markets lower this afternoon. As the charts called for, but was to be expected with an ADP report of 13,000 jobs created in prelude to Friday's Jobs Report from the BLS. Along with end-of-quarter selling and a 3 day holiday weekend. As I type more bearish news hitting the wires...Chinese PMI comes in slightly disappointing, futures are down eight link Expect the next few days to be volatile and brutal...but it does present opportunity.

The gang at Fast Money are looking at materials, energy & financials in the second half of 2010 to outperform. Love it, Itz Pix is weighted toward those sectors with RIG,PDE,SU,PGH,PWE,WLT,UCO,FCX,SLW, AUY,JPM,C,& LNC.
Suggest everyone read a report posted today from my Twitter friend Doug Kass >>READ

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