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UGLY CLOSE By: Day Shark Thursday, November 01, 2007 7:01 PM
, Computer and Technology
, Basic Materials
, Utilities
, Medical
, Consumer Staples
, Aerospace
, Industrial Products
Symbols: ABX, ADM, AGU, AIG, AMGN, ATI, BAC, BIDU, BLK, BRCM, CNH, COF, CPLA, CROX, CTRP, CYNO, DISCA, ESRX, EXLS, FCX, FLIR, FMCN, FTK, GMCR, GOOG, GRMN, HOC, IACI, JPM, LBTYA, LOGI, LVS, MER, MRVL, MTW, MXIM, NOV, PDCO, PKX, PTEN, ROST, SIRI, SMA, SNDA, SNP, SPLS, SYNA, TIF, TRIN, VRSN, WYNN, XMSR, XRAY
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The general rule, markets that are weak all day tend to close at/near their lows and that proved to be true again today as the DJIA closed down 360+ while the SPX was down 40 and under its 50 day SMA (1,512). Far and away the worst performing major index was the RUT, down almost 4%.
All the DJIA components down except for the next GOOG, yes MSFT.
All the major sectors ugly with oil service, biotechs, defense, semis, large growth and drugs the best of the bad while banks, financials, brokers, homies, real estate and reits the worst of the bad.
Ags hit especially hard with ADM AGU BG CAT CNH DE MON MTW POT all crushed. Gaming also way down as WYNN/LVS lose another 4/6%.
NYSE internals- 2,300 net losers;
NAZ internals- 1,875 net losers;
OEX -1 WINNER;
NDX 10 WINNERS;
IBD 100-7 WINNERS;
TRIN 2.91;
Down Volume- 20X Up volume- 87K green and 1,642 red;
VIX -higher by 27% and at a buy signal at 112% of the 10 day SMA;
RSI (2) on major indexes near the 20 level;
Winners- MSFT CPLA CYNO FMCN CTRP BIDU SNDA FLIR XRAY ESRX IACI LBTYA MRVL PDCO LOGI PTEN BRCM DISCA MXIM BIDU HOC AMGN;
Losers- GRMN SIRI XMSR VRSN ROST SPLS C MS AIG MER JPM ATI BAC GM COF WB FTK PKX GMCR SYNA SNP EJ EXLS FCX NOV ABX BLK BG MTW UA CROX LVS TIF DECK WYNN;
Interesting how listening to Madame Bartiromo is kind of comical- just the other day when the market was way up , how great the economy is, today, the market isn't going up until we get transparency on the financials. The quintessential traders thought process.
Realistically, expect the Fed to be back in the game lowering rates if the markets don't regain their footing shortly. And how about Barton Bigg's big prediction yesterday saying how the markets are going to rip higher into the end of the year because of under invested hedge funds. Maybe, but not starting today.
Finally, I look for markets to rebound regardless of the jobs number tomorrow.
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