After showing a notable downward move over the course of morning trading on Monday, stocks are seeing continued weakness in the mid-afternoon. The major averages are lingering firmly in negative territory, as news on the corporate front has kept investors wary of entering the market.
In an interview with RTT News, Joseph Saluzzi, co-head of equity trading at Themis Trading, said the market's pullback is to be expected because we ran too far too fast.
It was certainly an overbought condition, said Saluzzi who predicted that the market would continue to sink lower. I certainly think we hit the lows again.unless we start to see some real fundamental news.
Saluzzi classified the latest run higher as a bear market rally, no doubt and warned investors, The black swan is still out there.we just don't know where it is.
While the major averages currently remain firmly in negative territory, they have moved well off their worst levels of the day. The Dow is currently down 101.71 at 7,915.88, the Nasdaq is down 29.96 at 1,591.91 and the S&P 500 is down 14.17 at 828.33.
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