The market in wall street is not looking good at the moment. As explained in my previous post, the Europe Bailout of Crypus posses a threat for the bear to take the market lower. We have referenced the statement from marketwatch.com.
"The Cypriot parliament on Tuesday rejected a proposed financial bailout that would have included an unprecedented and controversial levy on bank deposits, throwing the country’s financial future into doubt and forcing the government and its creditors back to the negotiating table".(MarketWatch, 2013).
The Dow,Nasdaq and S&P 500 recovered much of their losses towards the end of the trading session. It was due the European Central Bank(ECB) providing liquidity to Cyprus, as needed, within the existing rules. However futures market in Wall Street has turned negative and the local market look set to lower. Caution is the key for today trading session.
We are now focus on exiting our positions. Those to did not particpate(trade) in the market on Monday and Tuesday, do stay out at the moment.