Reply #55: 11:09 EST markets bid buh-bye to rally

[UpInArms]

Dow 10,670.36 -16.08 (-0.15%)
Nasdaq 2,177.34 -9.40 (-0.43%)
S&P 500 1,227.87 -1.14 (-0.09%)
10-Yr Bond 4.518 -0.39 (-0.86%)

NYSE Volume 659,536,000
Nasdaq Volume 575,912,000

11:00AM: Blue chips reach above the unchanged mark while the Nasdaq sinks lower. Blue Coat Systems (BCSI) serves as one of the Composite's top 25 laggards, extending a 16% decline following soft revenues for its fiscal Q2 reported last night, and upon downside sales guidance for the current quarter. While the Tech sector maintains a modest +0.2%, declines in Oracle and Intel further cap the Nasdaq. With respect to Oracle, the company reportedly bought Thor Technologies and OctetString, but has not disclosed the terms of the deals. NYSE Adv/Dec 1208/1777, Nasdaq Adv/Dec 937/1753

10:35AM: Giving up opening gains, the major averages have plunged into the red. The EIA recently released the latest energy inventory data; unexpected drawdowns in crude and gasoline supply overshadow the effect of a better than expected build in distillates. Crude futures have reversed course, rising 0.7% and hurdling the $57 per barrel mark. At the same time, the Energy sector (+0.8%) has caught a bid and now leads the session. NYSE Adv/Dec 1172/1752, Nasdaq Adv/Dec 956/1659