Dow Jones almost Flat thanks to Argentina
Big drop today in the major indexes as news of Argentina's default casues panic and selling. This could be a great opportunity to enter the market via the SSO or DIA once the dust settles.
Thanks to today's 1+% correction in the averages the Dow Jones has been pushed back to only be up 0.4% in 2014. The S&P 500 was up 7% on Monday YTD and today's pullback puts it at only up 4.84%.
Mastery believes that this pullback could be temporary. Case in point some wise words from Chris Wright:
What’s interesting about this default, though, is that its contagion to other markets is likely to be limited. People have been expecting this default for a while now and appear to have digested it. So far today, the FTSE and European markets are modestly up and showing no sign of concern. We won’t know until later today how the rest of Latin America will react to the news, but emerging market debt generally has not experienced contagion from Argentina’s problems so far, and is unlikely to do so now.
Argentina, in short, is suffering, but is doing so largely alone. source: forbes.com
Weapons of choice to play a bounce could be the SSO or DIA.
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