Major averages closed near breakeven on mixed volume after a strong start to the day. Economic news continues to be on the weaker side on a global scale such that European Central Bank chief Mario Draghi continues to take a pro-QE stance. Meanwhile, the price of oil continued to slide.
On the home front, the Purchasing Managers Manufacturing Index for December was roughly in line with views, but the Institute for Supply Management manufacturing index and construction spending both missed their respective consensus estimates.
As always, keep your stops tight especially in this weakened market environment where leading stocks can quickly collapse and winning short positions can fiercely rebound.
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