Sentiment sours
The S&P 500 is down 31 points to 2856 in the third day of heavy selling on economic concerns. The rout started with a soft report on the manufacturing side of the economy and now the services side appears to be softening as well.
The index now eyes the August lows as support.
The round of risk aversion has extended to the dollar. The market is increasingly pricing in an October rate cut and I expect that to accelerate after this data.
