9:00 Premarkets are down. SSO is at 54.08 off 0.81points and the SP500 is at 1352 off 12.00 points. I expect the markets to open down for the cash crowd and recover somewhat as the day progresses, providing we don't get any unfavorable news from Europe.
European markets are broadly lower today with shares in France off the most. The CAC 40 is down 1.62% while Germany's DAX is off 1.38% and London's FTSE 100 is lower by 0.96%.
There is no financial reporting today and markets tend to improve as the day moves on especially after the European markets close. Gold, silver and oil is down.
Friday had a peak in green volume which also marked a high point in SSO, Proshares Ultra SP500. That might have been the signal of a reversing market. There have been signs for weeks that a reversal or correction was on its way and it appears this was it. The question now is how big of a correction is it going to be? I'll write more about the correction later today.
Written by Gary