Break below these numbers would tell us to get on the short side
On Wednesday, the Dow industrials opened strong, and within the first hour, were up 60 points. However, that turned out to be the high of the day as a slowdown in European manufacturing and a warning from FedEx (NYSE:FDX) dampened the earlier enthusiasm and sellers dominated for the remainder of the day.
Any announcement from the European Central Bank (ECB) on how they plan to address the euro zone crisis may be on hold since Germany reported to be balking at certain proposals by the ECB.
This and other economic worries resulted in a flat day of trading with the Dow Jones Industrial Average closing at 13,047, up 12 points, the S&P 500 falling 2 points to 1,403, and the Nasdaq losing 6 points at 3,069. The NYSE traded 675 million shares and the Nasdaq crossed 371 million. On the Big Board, decliners were slightly ahead of advancers, and on the Nasdaq, decliners were ahead by 1.3-to-1.
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