The DJIA finally succumbed and gave up the 13k number while the NAZ/NDX was crushed yet again as the NAZ crossed under the 2,600 mark.
I was hoping the that 1,450 on the SPX would hold as it did the last few days but nope, as the major indexes closed at/near their lows of the day. Not sure where the next area of support is but lets say for now near the 1,420 area.
Major weakness in the recent winners such as commodities and tech, and strength in recent losers including airlines, retail, banks and financials.
The NDX continues to be the worst performing sector as those components continue to get torched.
Market internals and components on the various indexes quite telling:
OEX-40 WINNERS;
NDX -35 WINNERS- not so bad but DISH RIMM NVDA DISCA CTXS APOL AAPL MICC JNPR INFY WYNN all crushed while winners like ROST VRTX SBUX INTU CSCO ESRX WFMI hardly making up for the downside damage.
IBD 100- 10 WINNERS- as the group contains the recent hot stocks- note how YGE CF DRYS MDR MTL POT CNH FCX BIDU CAM NOV all crushed and down 10%+ while winners such as ININ TDG FSTR ESRX MR SSRX LIFC hardly making up the difference.
Check this Volatility:
AAPL -7%
BIDU -12%
GOOG -5%
RIMM -9%
NVDA -9.5%
BHP -5%
FCX-9%
CAM -10%
CNQ -7%
RIO -8%
POT-12%
OIH-5%
XLE -4%
EEM-5%
EWA -5%
ETFC-58%
AMTD +6.5%
GS+3.7%
TROW +3%
LEH+3%
LM+2%
XLF+2.4%
C+3.6%
WFC+3.9%
VIX higher by 8% and at/near the closing high for the year;
Down Volume about Double Up Volume;
Have to mention
Jimmy's call of DJIA closing the year at 14,500+ and right now it doesn't look good for his Crystal ball. He doesn't say much about it anymore so I guess it will be just "never mind."
