Dow closes down 110 points at session’s low
It was a wild day in the market on Tuesday as the Russian ruble crumbled and stocks had a wild day after opening lower, surging
higher, and closing at the lows of the day.
Volatility closed up today over 14% to 23.36
The ruble is the world’s worst performing currency in 2014,more so than the Ukrainian hryvnia, which had been the world’s laggard.
Other currency laggards of 2014 include the Argentine peso, the Norwegian krone, and the Chilean peso.
Last night, the Russian central bank raised interest rates to 17% from 10.5% to stem the decline in the value of the ruble. On Tuesday,
the ruble declined to as low as 79 against the US dollar, 2 days in a row of 10% declines or more in the ruble’s value.
S&P 500 1,972.74 -16.89 -0.85%
DOW 30 17,068.87 -111.97 -0.65%
NASDAQ 4,547.83 -57.33 -1.24%
Russell 2000 1,139.37 -0.93 -0.08%
Stockshakers are cautiously long here with a focus on bounces above previous resistance points. Too many rally’s are being sold off so respect the resistance and watch for the breaks as entry triggers.