by John Nyaradi
In today?s market action, global markets tottered on the edge in response to fast moving developments around the world.
The action actually started in the after hours session on Monday evening when Alcoa (AA) missed expectations and was hammered by intolerant investors.
Today?s trading brought the S&P 500 to close just below its 50 Day Moving Average and the index remains on a Point and Figure ?sell? signal. The VIX spiked by 3%, the long U.S. Treasury jumped 1.1% and the Dow gave up 0.95% with the S&P 500 dipping -0.78%. This puts us back at significant support in this sideways market and we?ll find out soon whether or not these levels will hold.
On Monday, we closed our USO call option for a 20% gain in a month. This proved to be fortuitous timing as oil dropped some 3.5% today on an International Energy Agency forecast
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