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Minyanville's T3 Daily Recap: Market Suffers Sharpest Drop of 2013. What Now?
The market suffered its sharpest drop of 2013 on Monday amid political uncertainty in Europe with the Dow (INDEXDJX:.DJI) closing back below 14 000 and the S&P (INDEXSP:.INX) closing below its 8-day moving average for the first time this year. My firm likes to follow the 8- and 21-day moving averages as gauges of short-term market composure and a close below the 8-day moving average could signal a micro complexion change. Overall though after the steady grind higher we saw in January it is not surprising or unhealthy to see a modest pullback. The Nasdaq (INDEXNASDAQ:.IXIC) fell the hardest ...
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