Markets went on a roller coaster ride Wednesday, with the Nasdaq being the only survivor in the black. Sure it finished with a measly .3%, but well off its intraday high of .9% with an hour left in the session. The S&P 500 met a 2″ by 4″ at the round 1700 handle for the fourth time in the last 8 trading days. Could it really be that easy? Regardless, the markets displayed hallmark bearish characteristics Wednesday, opening strong, and closing hard upon their lows. The market shrugged off some “good” news regarding GDP, up a whopping 1.7%. Morning gains evaporated even before the Helicopter’s message was given. Markets have been ignoring supposedly good news now for the last couple weeks, not usually a good sign. Makes you wonder what kind of “cheery news catalyst” is going to thrust the S&P 500 through 1700. But the benchmarks enjoy confounding the masses, so perhaps it will not even need a reason to puncture it to the upside, it just will. Caught a peek at the ETF IYR today. Is it trying to send a message about the economy is some shape or form? Up now just 3% YTD, and sliced its 200 day SMA today, with the force of an unruly tenant kicking and screaming about escalating rental payments.
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