Worst Day Since June

The stock market did not have a good day today. The S&P 500 fell 1.43% and our Buy List lost 2.00%. This was the S&P’s worst day since June 20th. Interestingly, cyclicals fell the least today.

The reason was…good news. Well, it’s hard to say exactly why the market did this or that. But this morning, the government said that initial claims for unemployment insurance fell to the lowest level since October 2007. This means, according to some, that the Fed will start tapering next month.

I’m not sure if I’m fully on board with that train of thought, but it seems to be attracting a lot of attention. If there’s a silver lining it’s that the S&P 500 held just above its 50-day moving average.

Posted by Eddy Elfenbein on August 15th, 2013 at 10:54 pm

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