Reply #86: 2:03 EST Faeries Report for Duty (updated blather

[UpInArms]

Dow 11,074.34 -29.21 (-0.26%)
Nasdaq 2,108.16 -8.76 (-0.41%)
S&P 500 1,264.43 -2.91 (-0.23%)
10-Yr Bond 5.102 -0.28 (-0.55%)

NYSE Volume 1,433,400,000
Nasdaq Volume 1,195,627,000

2:00 pm : Market makes another attempt to recover some of its losses but eight out of 10 sectors continue to trade in negative territory. Despite gold futures ($642.90/ounce +$16.80) recently closing up 2.7% near one-month highs, acting as a safe haven following news of the bomb blasts in Mumbai, the Materials sector (-0.77%) continues to pace the way lower following Alcoa's (31.91 -1.50) sales shortfall. Consumer Discretionary (-0.75%) is not far behind, led by 52-week lows in retail giants Home Depot (HD 34.29 -0.71) and Lowes Cos. (LOW 28.09 -0.61). The inability of homebuilders (e.g. DHI -2.0%, PHM -0.8%, LEN -2.7%, CTX -1.3%, and KBH -3.2%) to take advantage of falling bond yields, in part because M/I Homes (MHO 33.63 -1.04) said Q2 contracts fell 35%, is also weighign on the sector. DJ30 -28.01 NASDAQ -8.42 SP500 -2.77 NASDAQ Dec/Adv/Vol 2067/857/1.18 BLN NYSE Dec/Adv/Vol 2033/1155/926 MLN

1:30 pm : Not much has changed within the last 30 minutes but a bearish bias remains intact. As reflected in the A/D line, decliners on the NYSE outpace advancers 20 to 11 while those on the Nasdaq, which just surpassed 1.0 bln in volume, hold a larger 5-to-2 edge. Painting an even more convincingly negative picture is a 3-to-1 ratio of down to up volume as the number of New Lows also far exceeds New Highs.DJ30 -53.71 NASDAQ -19.34 SP500 -6.11 NASDAQ Dec/Adv/Vol 2068/833/1.05 bln NYSE Dec/Adv/Vol 2032/1129/840 mln

1:00 pm : More of the same for stocks as the Nasdaq continues to outpace its blue chip counterparts to the downside. Networking continues to be the thorn in the tech-heavy index's side as Lucent's warning weighs on competitors like CSCO (-2.9%), JNPR (-2.8%), JDSU (-4.2%) and ERICY (-2.5%). On a positive note, however, a sense that continued losses in the semiconductor group are overdone has prompted some bargain hunting interest, especially in shares of MRVL (+1.9%); but the absence of leadership from larger-cap names like INTC (-0.3%) and AMAT (-1.3%) is stalling recovery efforts. DJ30 -53.93 NASDAQ -19.98 SOX +0.3% SP500 -6.14 NASDAQ Dec/Adv/Vol 2014/850/956 mln NYSE Dec/Adv/Vol 1968/1170/762 mln