It looks like we broke under the 50 day and 100 day moving averages, taking out a couple of support levels.
And not surprisingly, the paid pundits on CNBC spent a lot of the day saying that the problem is rising labor costs. Yeah, that's the root cause of all of this.
Fed policy, quantitative easing, easy money, money printing and debt could never create price inflation (except on incidentals like food and housing).
Luckily, there is an easy solution for those pesky labor costs. The US Chamber of Commerce will join with Obama for a clever "compromise". So convenient...
NEW YORK (Reuters) - U.S. stocks fell more than 1 percent on Thursday, with the S&P 500 on track for its worst daily decline since April and first monthly drop since January, as concerns mounted over the strength of overseas economies and ongoing tensions with Russia.
The benchmark index moved solidly under its 50-day moving average
, a level it has not closed below since April 15. The moving average is viewed as a sign of short-term momentum, and selling accelerated after the level was breached.