And the Market Screams Uncle!
October 17, 2014
It wasn’t pretty but the SP500, the Nasdaq, and the Russell 2000 all closed higher for the day. All three indices opened sharply lower and battled higher for the remainder of the day to finish in the green.
It appears that the markets have spoken: 1,820 on the SP500 was the ‘uncle’ point of this sell-off (see chart below). The Russell 2000 was the strongest index today, and a daily close above 1,090 on the small cap index should unleash the animal spirits on the markets once again.