Markets have reversed, from up over 115 on the Dow to flat to down 50. There’s still 90 minutes to go until the close, so anything can happen.
A couple of likely suspects as to the cause:
–JPMorgan revises downwards estimates of Chinese high flyer BIDU evenue (WSJ MarketBeat)
-Big firm downgrade on Tech sector
-ECB governor Weber stated that the ECB may need to raise rates to a "restrictive"
Sentiment has gotten somewhat bulIlish, and I’m not so sure any of these things are the root cause — or will stick — but thats what I have been hearing . . .
UPDATE: October 12, 5:23am
Here’s a chart showing Baidu leading the stock S&P 500 Index lower on Thursday:
Chart courtesy of M. Ramsey King Securities, Inc.