Your face appears again
I see the beauty there
But I see danger
Stranger beware
--Animotion
Markets not trading on Labor Day, but futes are 2% in the red in the early going, with some big US banks like Bank of America (BAC) off 5% in European trading.
In fact, it was pretty much a bloodbath across Europe today, with indexes on average down 4%. Some European banks were down about 2x that as hopes waned (again) of a EU sponsored bailout of Greece et al.
The all important DAX was clubbed for 5%. More importantly, perhaps, is that it gapped lower from August lows and never looked back. Past support is now resistance...
A date between US indexes and their August lows seems increasingly likely.
On the SPX, that equates to 1120ish.
position in SPX
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