The S&P 500 is down over 2% at the cash open - with FANTAsy stocks collapsing 5-8% - flirting with the crucial 2,000 "mission accomplished" level. Here are the short-term support levels..
S&P support levels stand at:
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SAS troops have been deployed in Libya preparing to wrest back control of more than a dozen oil fields seized by Islamic State. Approximately 6,000 European and US soldiers, including 1,000 British troops, will be involved in a number of offensives set up to halt the advance of ISIS. According to the Daily Mirror, the operation, supported mainly by Britain and France, will be led by Italian forces and is planned within the next few weeks or months.
Something unexpected happened on the road to the latest Greek "recovery": the local population no longer believes one is coming.
It appears the FANTAsy stocks (Facebook, Amazon, Netflix, Tesla, and Alphabet) are suffering this morning as investors choose not to rush to the safety of triple-digit P/E ratios amid the market's collapse. Tesla is tumbling on burning-car concerns and Netflix is dropping after another downgrade. The rest are all ugly as it seems faith in FANTAsy is failing...
Tesla's current pre-mkt price $230 is below its 200-DMA ($236.81).