Markets turned decent early gains into modest losses going out near lows for the session, the exact opposite of yesterdays action. During the late morning hours the S&P 500 was up 1.3% and finished up .1%. The Nasdaq fell .3% after advancing 1% earlier on. For the week heading into Friday and the big jobs number the Nasdaq is lower by 1.95% and the S&P 500 by 1.9%. One can blame the selling on the oil reversal, perhaps investors are lightening up into that big report at 830am tomorrow morning, but markets have been softening for some time. And if you are performing poorly you are not alone. Some big hedge fund managers have been taking it on the chin as well like Einhorn, Ackman and Cooperman to name a few. Negativity seems to be pervasive with Schiller coming out with a possible substantial decline ahead. All however that matters is the price action and is has been horrible. The S&P 500 for one lost 236 handles from top to bottom on an intraday basis during a 6 session losing streak between 8/18-25. This will take some time to repair the damage that has been done. Talking about the hedge fund managers perhaps Icahn will be put under a microscope going forward as he has took a brave stance and recently decided to enter the commodity bloodbath. He has taken positions in CHK and FCX.
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