Stock markets continued to fall overnight as Obama’s line in the sand for Syria over using chemical weapons against civilians had been crossed. The President has now backed himself into a corner and will most likely show once again the US means what it says by getting UN support and striking against Serbia. It’s interesting that al-Assad would cross the line and take that risk (or maybe he didn’t, maybe it was the rebels or someone below his direct command). At any rate, the Obama administration has done an about face on their reservations to avoid more conflict in the Middle East. Now it seems just a matter of not if, but when… This has the markets rattled and traders taking risk off. After the ES cash open, the bulls believed the overnight move down was overdone and started to move price up into the 10am EDT Consumer Sentiment and Richmond Fed Manufacturing numbers. Both numbers beat expectations, but the institutional sellers came out and a couple of short opportunities unfolded.
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