December S&P finished down 23.1 at 2136, 24.5 off the high and 13.5 up from the low. December S&P E-Mini closed down 24.75 at 2134.25. This was 12.5 up from the low and 26.5 off the high.
The stock market was under pressure because of disappointing Alcoa earnings, increased competition from Treasury yields and the prospect of increased political mudslinging in the final weeks of the election season. Typically equity markets don't like uncertainty and we suspect that campaigning will add to the uncertainty in the headlines on a daily basis. Some might even suggest that a bigger margin for Clinton is pressuring stocks from the fear of rising taxes on small businesses. Weakness in health care and energy stocks weighed on stocks but we also think that a chart failure added some technical liquidation pressure into the equation.