The traditional last week of summer on Wall Street went out with a whimper, as the market fell for a third straight week. The numbers weren’t pretty for the bulls as the S&P 500 fell 3.3%, the Dow declined 3%, and the Nasdaq fell another 4.2%. While the trading action today (Tuesday) could be slow as traders return from the long holiday weekend, it does feel as if the coming days could be critical as the bears are targeting a re-test of the June/July market lows.
Stocks on WatchLast week I led Stocks on Watch with this paragraph: “There is no better sign for the type of market that we are in than the stocks on the top of my watch list, and today those three stocks are a uranium play (CCJ), a solar stock (FSLR), and a fertilizer play (CF).”And now, one week later, the market fell 3.3%, and yet the stocks on the top of my watch list are still CCJ, which rose 8% last week, and FSLR, which gained 4% (CF fell, and is now lower on my list).
