16 May 2011

SP 500 and NDX Futures Daily Charts

Another weak day on stocks.

They are pressing on the pivots, wherein this starts changing from a correction to a new downtrend.

The techs were leading the way down today, followed by consumer discretionaries.

The markets were shocked a bit today by the startling events in NYC, as IMF chief Dominique Strauss-Kahn was arrested on very serious sexual assault charges. DSK was one of the leading candidates for French political office, and was in the midst of critical meetings at the IMF on global currency and European solvency issues.

Strauss-Kahn's position at the IMF will be filled for the time being by John Lipsky.
John Lipsky assumed the position of First Deputy Managing Director of the International Monetary Fund on September 1, 2006. Before coming to the Fund, Mr. Lipsky was Vice Chairman of the JPMorgan Investment Bank. Previously, Mr. Lipsky served as JPMorgan's Chief Economist, and as Chase Manhattan Bank's Chief Economist and Director of Research. He served as Chief Economist of Salomon Brothers, Inc. from 1992 until 1997. From 1989 to 1992, Mr. Lipsky was based in London, where he directed Salomon Brothers' European Economic and Market Analysis Group.