Major averages fell hard yesterday on higher volume as the price of oil continued to fall off a cliff, down another 5% to close at $50.04 a barrel. The dollar remains strong on its uptrend while the euro continues to weaken in anticipation of further QE stimulus by the European Central Bank. The Market Direction Model was quick to switch to a sell on January 2 as conditions worsened. The Fed may have to step in with an announcement of QE4 should the correction continue. Major averages are off over 3% at present so still could have further to fall before the Fed steps in. Futures are currently flat this morning.
MLR - PMP 1/6/15
| Published: | 6 Jan 2015 13:44 ET |
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