In Today's Update:
1) A very broad sell-off for stocks as key support levels break amid signs of slowing global economic growth. The Dow Jones Industrial Average dropped 507.53 or 2.11%, the S&P 500 fell 54.01 or 2.08% while the Nasdaq 100 closed lower by 156.93 or 2.27% and the Russell 2000 finished lower by 32.67 or 2.32%.
2) U.S. Crude Oil Futures were down sharply again today dropping $2.01 or 3.93% on oversupply concerns while Gold Futures posted a gain of $8.50 or 0.68% on a slide in the U.S. dollar. The Bond market added to recent gains and the yield on the 10-year treasury note dropped to 2.857%.
3) While individual public companies are trying to do their part to save this market by buying back shares of their own stock, the pressure is now firmly on the Federal Reserve. This week's FOMC meeting and the Fed's decision on rate hikes scheduled for this Wednesday at 2 p.m ET could very well make or break this Market. Either way, fasten your seatbelts, it's going to be a volatile finish to this trading year.