By Markus Heitkoetter
Stocks just can’t catch a break! After a strong morning session the S&P was up over 1%. But then it got ugly… stocks retreated and gave back the morning gains and then some.
It was all about the ruble. Last night, the Russian central bank unexpectedly hiked interest rates to 17% from 10.5% in an effort to stop the ruble’s decline. But it didn’t help and the ruble fell to another all-time low against the dollar.
Crude Oil had another wild ride: Early in the morning Crude Oil fell to $54 before rallying back above $57 midday. Ultimately, Crude Oil gave back some of its gains and was trading around $55.50 at the end of the day.
The S&P ended the day 17 points lower after testing and retreating from the closely watched 2000 mark. At day’s end the S&P was trading at 1972.74. It was the 6th close lower for the S&P out of the last 7 sessions.
It wasn’t much better for the DOW. The DOW had a triple digit down day, after losing 112 points and closing at 17068.87. The 17,000 mark could be a key level during tomorrow’s trading session ahead of tomorrow’s FOMC Statement & Press Conference.
Amazon (AMZN) lost 3.50% today after crashing through short term support. This move lower was just what PowerX Method traders were looking for following the Sell Signal that was identified on 4th Dec 2014. Today’s move brought AMZN within striking distance of our PowerX ADR Profit Target at $291.99.