Carlos Molina :: Swing Trading :: Trading stocks to make money in the market.

Consumer Confidence at 10-month Low

Dow Jones off 100+points, Nasdaq and S&P 500 also down for the day. Financials, materials and energy were among the biggest losers. We saw the VIX jumping above the $21 level right after the report on the consumer showed us a huge drop from 56.50 to 46. There were news also from Germany that overshadowed their earnings expectations.
We also need to remember about the mess with Greece; it has not been resolved. Last week, the Fed gave us a hint of what tools they have to calm the markets, we saw the markets going higher four straight days, the best week for 2010; so a small pullback was expected and after seeing today’s report I personally was expecting a bigger drop.
At this time, I am extremely cautious…and I think the market will turn worse before getting better.