Two-Day Sell-Off Erodes October Gains
All it took was two days to wipe away nearly half of the October index gains (through Oct 30) and the market is now very oversold. The 2-period RSI of our Country Fund ETF Universe is at 15.35 with the QQQ being the second most oversold ETF.
As we fully see, Europe controls everything right now. Even rumors supposedly referenced back to secondary European officials are enough to move ES 10 points within minutes and this is going to continue until a final resolution is in place.
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Larry Connors is founder of TradingMarkets.com