Reply #50: 2:07 EST fairies arrive on cue

[UpInArms]

Dow 10,551.89 -34.34 (-0.32%)
Nasdaq 2,174.71 -3.53 (-0.16%)
S&P 500 1,219.13 -3.68 (-0.30%)
10-Yr Bond 4.563 -0.76 (-1.64%)

NYSE Volume 1,266,886,000
Nasdaq Volume 1,136,056,000

1:30PM: Market extends its reach into negative territory, albeit slightly, as oil prices retracing session highs stall midday recovery efforts. A reversal in semi and software amid continued deterioration in hardware and networking, has so far erased what limited interest investors had shown for technology stocks, perhaps in anticipation of more influential market-moving data later in the week to set a more distinctive tone. Cisco Systems (CSCO 17.94 +0.09) reports Q1 (Oct) results after the close tomorrow while Dell (DELL 29.18 -0.42) reports Q3 earnings on Thursday. SOX -0.1, NYSE Adv/Dec 1222/1948, Nasdaq Adv/Dec 1078/1835

1:00PM: More of the same for stocks as market internals continue to reflect a bearish tone. Decliners on the NYSE, which earlier held a more than 3 to 1 margin over advancers, have seen their advantage narrow to a 19 to 12 edge, while declining issues on the Nasdaq, which at one point enjoyed a 2 to 1 margin over advancing issues, now hold a 17 to 11 lead. A split ratio of down to up volume, though, paints more of a mixed picture at the Big Board and the Composite. Adding to this afternoon's struggles on the Dow has been its inability to find initial support around 10570 while the S&P and Nasdaq have languished near respective support levels of 1219 and 2172. NYSE Adv/Dec 1235/1901, Nasdaq Adv/Dec 1168/1704

12:30PM: No change to the prevailing trend as the afternoon session gets underway. The Nasdaq still clings to a modest gain and remains on positive footing for the year. Chip stocks continue to provide the biggest impact behind the Composite's recovery efforts while gains in electronic manufacturing services (i.e. FLEX, SANM) and biotech (i.e. BIIB, GENZ and GILD) have also lent support.