Thursday, March 10, 2016

SPY fluctuates 500 points today

Even though the SPY fluctuated 500 points, it closed not far from where the open. Looking at today's candle, it was similar to 2/2, a big move down and a consequent close up, little change. Today's move could be attributed to the ECB's interest rate's decision. It cut the interest rates to 0 which rocked the markets initially but soon normalized. I believe this could be the beginning of the next leg down. The strong ISM report (dispelling the worries of a recession) had pushed the markets higher up until now, but this act from the ECB could create confusion about the state of the European economy and the rest of the world.

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