The stock market is selling off this afternoon, 3/25/09, after positive economic data was released in the morning. We saw a better then expected Durable Goods number and better then expected Home Sales.
The Dow Jones was up 200 at one point but began selling off just after 1:30pm est. This was a rapid sell-off with heavy volume. I think this sell-off is due to a debt offering that failed in the UK. We also had a bad one here in the US. We have also been overbought, so investors are taking profits.
If you have been trading FAS and FAZ, it is important to note that FAS stopped going down right at the lower end of support - $6. If FAS closes below $6, I might just have to jump in FAZ stock.
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