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The Dow Jones Industrial Average fell precipitously during the session on Wednesday, and even managed to close at the very lows for the day. The market finished the session sitting right at support in the 13,250 level. This area should be indicative of where the market wants to go, and as such we will be watching this index for hints on where risk assets in general are going.
We have to admit that the fact that this market closed the very lows of the session does not bode well. If we can get below the 13,200 handle, we think that the 13,000 is almost guaranteed. If we get below 13,000 we also feel that the sellers will certainly slammed this market. We are currently flat of this market, and will stay flat unless we get that sell signal, or some type of extraordinary support sign.