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More Bad News From Financials

 May 09, 2008 10:04 AM


Good morning. As oil prices hit fresh new highs, more bad news from the financials are bringing out the sellers this morning.

As we head lower, traders will be watching whether any support can be found at the 20 Day MovAvg (1385) and 50 Day MovAvg (1350) in the S&P and how much volume picks up in the selling.

Premarket gainers:PCLN, DAR, GSIT, RNWK, INT, BSQR, NAT, QSFT, POM, DROOY, LUNA, NVDA, TRLG, RICK, ATVI, SONS, TTES, CC, FSLR, HRBN, and LINE.

[Related -Priceline.com Inc (PCLN): Goldman Says PCLN Is Booking A Trip To $1,500]

Premarket losers: AIG, CCOI, NGAS, AGO, MGI, C, BID, DRAX, BID, BRKS, SNY, LLNW, PDLI, SWC, FMD, MYL, BMY, PEC, AAUK, EMKR, ACGY, and SAPE.

[Related -American International Group Inc (AIG): Current Weakness Offers A Buying Opportunity]

We know from sentiment readings from AAII this week that bullish sentiment among individual investors show that most do not expect the market to roll over now. A nice illustration of that sentiment change can be found in Jason Goepfert's smart money / dumb money confidence index:

As smart as it was to fade negative sentiment back in March, we're dealing with a much different setup right now. One that clearly seems to need a constant stream of positives to keep things moving higher which simply hasn't been happening this week.

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