Markets fell Wednesday as major benchmarks closed near session lows. The Dow that we do not pay much attention to, due to its small concentration of old companies, lost triple digits for the first time in 2 1/2 months (last did it 6/28). It is nearing its 50 day SMA. The Nasdaq fell .3%, and the S&P 500 .4%. Volume was not overwhelming. There is a prevailing sense that an “unraveling of the seams” is transpiring. Perhaps its the realization of a bulging debt waistline. Maybe unemployment, which can be viewed through two different lenses, is to blame. Take one stitch out of the bullish jobs thesis. Taper, taper, taper. Maybe its just the Eurozone indicies playing catch up. All that I just wrote is noise, a waist of time to the technician. We care only about price, let others worry about what may have influenced it. Benchmarks feel fatigued for whatever reason you want to blame it on. But the excess weight falling over the belt buckle needs a destination to go, and the path to least resistance looks lower.
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