S&P 500 futures nosedived after GDP numbers, falling about 8 points and erasing what would have been a positive day.
The main index opened 2 points lower to 1623 after a small gain yesterday. The inability to post a larger bounce after the two-day 30 point drop to start the week is a negative signal.
With the market showing it’s clearly frightened by the taper, I think we’re likely to see at least one more episode of kicking and screaming before the Sept 18 Fed decision. I target 1611.
