Biggest market mover of the day was the abysmal bund auction. Essentially a buyers strike on the bund today as the Eurozone crisis continues/deepens. This drove the euro lower, the dollar higher and pulled people out of equities. This paired with underwhelming U.S. economic data equals selloffs and flights to “safety”. We did close right at a support level of 1160 on the S&P but at the lows of the trading day. I’m not sure what will happen on Fridays half day with no real data scheduled but I think that next week is going to start off pretty bad as people return from vacation and try and digest what has happened. Be afraid, be very afraid.
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