Monday, May 14, 2012
Deja Deja Deja Etc. As S&P 500 Closes Below 50DMA First Time Since November
It happened again. Just like the last five days in a row - post-Europe close euphoria gives way to oops-Europe-will-open-tomorrow-reality dysphoria. The S&P 500 e-mini futures (ES) closed below their 50DMA for the first since November today as it has dropped 7 of the last 9 days. Financials were a disaster (-2%) as the reality of a levered bet on the Bernanke Put and economic growth are unwound on a total and utter lack of trust (back below 100DMA again) and as we noted BofA is starting to
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