Reply #45: Closing numbers and yada (I thought those Adv/Dec numbers were looking

[54anickel]

a bit scary in that last update) Still waiting for the final blather.

Edit for the closing blather

Dow 10,046.13 -102.94 (-1.01%)
Nasdaq 1,874.37 -42.70 (-2.23%)
S&P 500 1,093.88 -14.79 (-1.33%)
10-yr Bond 4.487% +0.039
30-yr Bond 5.208% +0.024

NYSE Volume 1,679,865,000
Nasdaq Volume 2,082,420,000

Close Dow -102.94 at 10046.13, S&P -14.79 at 1093.88, Nasdaq -42.70 at 1874.37: Stocks started the day with respectable gains, but then surrendered all of them - and then some - in a dramatic afternoon sell-off... From their highs (the opening) to their lows (the close), the Dow, Nasdaq, and S&P 500 gave up 180, 56, and 32 points respectively - the Nasdaq coming 9 points within its worst levels of the year... On the surface, today's plunge was a bit surprising considering the positive earnings announcement of last night and this morning...
Sector leaders like United Technologies (UTX 92.80 +2.23), General Dynamics (GD 97.56 -0.09), Texas Instruments (TXN 20.65 -1.11), Merck (MRK 44.72 -0.11), JP Morgan (JPM 36.82 +0.42), Imclone Systems (IMCL 65.28 -15.45) and Motorola (MOT 14.94 -1.15) turned in seemingly strong June quarter reports, but investors and analysts were able to poke holes in most of them... In the case of Texas Instruments and Imclone Systems, those criticisms were potent enough (with implications to other sector members reaching) to send their respective sectors flailing... The sizable losses seen in semiconductor and biotech collapsed the Nasdaq, and eventually led to the turnaround in the Dow and S&P 500...

Financial, telecom, and telecom - areas that were at one time showing gains - soon reversed course and closed with losses of 1.0% or more... Buyers basically lost all confidence they had at the beginning, especially as the indices fell through a series of key technical levels (200-day moving average for the Dow and S&P 500)... Volume was heavy on the move lower and suggested that - for the time being - bears remain in control of trading... Down volume led up volume by a 4-to-1 margin at the Nasadq and NYSE's close...DJTA -2.1, Russell 2000 -2.8, SOX -3.7, S&P Midcap 400 -2.0, XOI -2.0, NYSE Adv/Dec 722/2604, Nasdaq Adv/Dec 749/2330

3:30PM: The market continues to crumble under the weight of immense selling pressure... Decliners now lead advancers by a 2-to-1 margin at the NYSE and Nasdaq, and down volume now outpaces up volume by a more than 3-to-1 ratio... Buyers have simply been unwilling to stand by their long positions, and used any sign of intraday weakness to sell... This kind of activity has marked the market for the past 3 weeks, and has prevented the indices from sustaining any advance... Yesterday's move higher - especially in tech - has probably acted as a hindrance to the market today...
Tonight, ALTR, EBAY, ISSX, SBUX, and SEBL will all be reporting...DJTA -1.6, Russell 2000 -2.1, SOX -3.3, S&P Midcap 400 -1.5, XOI -1.6, NYSE Adv/Dec 834/2247, Nasdaq Adv/Dec 830/2218


Advances & Declines
NYSE Nasdaq
Advances 726 (21%) 749 (23%)
Declines 2601 (75%) 2330 (72%)
Unchanged 117 (3%) 147 (4%)

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Up Vol* 271 (16%) 382 (18%)
Down Vol* 1400 (83%) 1673 (80%)
Unch. Vol* 6 (0%) 15 (0%)

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New Hi's 118 50
New Lo's 39 154