All Rally Attempts Failing – 9-25-13

Stocks have attempted to mount rallies each day since the all-time highs were set last Wednesday, but each rally has met with resistance and ultimately with failure, so far.  Once again, stocks opened down this morning, attempted to rally and went positive for a while, but then faded.  We are now down 76 points on the Dow today, and 417 points, or 2.6% from the all-time high.  The S&P 500 is down 5 points today, and 33 points from its all-time high, or about 1.8%.  The S&P, interestingly, was at 1,705 at Tuesday’s close, just prior to the Fed meeting, and the markets setting new, all-time highs on Wednesday, after the Fed’s surprise decision not to taper their bond buying program.  I know I sound like a broken record (younger readers may not know what that saying means since we don’t use records and turntables anymore), but I still expect to see stocks back down around the 1,350 level for the S&P 500, if not lower.

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