After an initial gain of 119 points on the Dow, sentiment turned radically negative for really no apparent reason, as selling into strength became the preferred strategy after months of buying dips.
The Dow posted its first three-day losing streak of 2013, with the other major averages following suit. Today's closing numbers put the S&P and the Dow dangerously close to their 50-day moving averages: 1610 for the S&P; 14970 on the Dow, and, any troubling signs from Thursday's initial unemployment claims could shoot the averages right through support and into a proverbial no-man's land.
Trading volume was rather tepid, but losers outnumbered gainers again, by a roughly 3:1 margin. The major indices now have entered an area that is decisively below the midpoint between recent highs and lows, trending lower, as has been the mantra for most of the month of June.
The dark lining inside the silver cloud came in the form of WTI crude oil prices, which hit a three-week high.
Bias remains bearish short-term, as new lows outpaced new highs for the second straight session and are deteriorating.
Where this goes from here is anyone's guess, though most are placing their wagers toward continued weakness in stocks as interest rates bumped up slightly again today, the 10-year closing at 2.23%, but that's what makes
Dow 14,995.23, -126.79 (0.84%)
NASDAQ 3,400.43, -36.52 (1.06%)
S&P 500 1,612.52, -13.61 (0.84%)
NYSE Composite 9,189.42, -66.06 (0.71%)
NASDAQ Volume 1,501,521,500
NYSE Volume 3,677,878,750
Combined NYSE & NASDAQ Advance - Decline: 1675-4828
Combined NYSE & NASDAQ New highs - New lows: 129-428
WTI crude oil: 95.88, +0.50
Gold: 1,392.00, +15.00
Silver: 21.80, +0.15
Posts
No comments:
Post a Comment