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Weakened Corporate Profits Hurting Markets

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    Larry Levin of Trading Advantage on the market selloff Tuesday.

  • Duration 1:49
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-- -- -- -- -- -- low for the day that will be a minus 238.

Points on the now let's bring in Larry Levin with trade -- of trading advantage from Chicago.

I'm saying that this is about the weak outlook for corporate profits as -- anything to do with politics that right.

Yeah yeah I would Greta there was some news about Spain this morning to drop marked a little bit but certainly Stewart if you -- traders down -- why they're selling this market its corporate profits -- UPS.

It's not 3M all of even if some of those companies made their earnings their outlook doesn't look good and it doesn't look good for a lot of companies -- definitely a lot of sellers down here on the floor no no question about it.

I think -- was a basket at 1015 minutes ago but I saw the price of oil dropped well below 86 dollars and bonds down -- -- two bucks now 85 to 8590 that's down big.

Want what's going over the -- Well it's it's interesting technically oil and gold are both very weak right now they -- -- More volatile support levels but then kind of bounced through those support levels that 86 dollars a big level and oil right now going to be really to stewards to exceed it stays below 86.

You might see a little bit bit above don't be surprised that but -- not.

I think maybe we -- 87878000.

Is really probably play over the next two weeks -- so we stay below that eighties.

I just find it interesting that two weeks of the election that is not a political markets at this point though is looking at fundamentals in the economy.

About eleven thank you very much indeed -- -- one look at going.

Yet in -- I agreed not political not debate oriented but political -- that I think may -- fiscal cliff.

That people have been -- factoring in fiscal cliff going into the quarter and that that is being reflected in consumer behavior.

All right we -- large corporations like at Caterpillar which has been doing so while lowering their outlook.

Facing the fiscal cliff higher health care costs companies are running scared right now and that's starting to -- into the market.

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