So today was "weak." But in the past "weak" would have meant a 1 to 1.2% correction. The pullback would continue into the following trading day then turnaround intraday with a close above the low of the day setting up a rally for the next day or two. But now there really isn't any selling just weak buying and lack of selling. It will be interesting to watch as this unfolds and what will be the stimulus for selling.
Rally time!!!! Afternoon liftoff, get ready for it, once they get the SPX and DOW into the green its going to skyrocket!!
In my opinion market is holding up extremely well right now, financials are only off about 3/4% and tech is off 3/4%, not bad at all. The semi index is actually up, SMH up .18%. Go figure. This is a weak sell off.
Have to love the excuses they come up with for the sell-off, one day greece news is ignored and everything is perfect and the next day greece debt problems are the reason for the sell off. Stocks pull back; Dow Jones retreats from 11,000 Stocks mostly fall on concerns about Greece debt problems; Dow retreats after nearing 11,000 ap Stephen Bernard and Tim Paradis, AP Business Writers, On Wednesday April 7, 2010, 3:05 pm NEW YORK (AP) -- Stocks fell Wednesday on renewed concerns about Greece's debt crisis and after a slide in oil prices hurt energy shares. The Dow Jones industrial average pulled back from the 11,000 level after failing to cross it the past two days. The Dow hasn't been above the psychological benchmark in 18 months. The Dow fell 80 points in late afternoon trading. Broader indexes also dropped. Interest rates fell after a government bond auction drew strong demand. Greece's borrowing costs rose again Wednesday and its stock market slid on concerns that the country won't be able to contain its budget problems and could default on debt. Greece's debt problems have undermined confidence in Europe's shared currency, the euro, and caused jitters on world markets. Even with the setbacks triggered by Greece's fiscal crisis, U.S. stocks have been on a nearly unbroken climb for about 13 months. The past two months' gains have come from more modest moves upward, in contrast to the triple-digit gains that were common early in the market's recovery. Investors have been encouraged by a string of reports showing steady improvement in the economy, including a report that U.S. employers created 162,000 jobs in March, the most in three years. The Dow has been flirting with the 11,000 level in recent days, but hasn't crossed it. It came within 12 points of 11,000 on Monday and Tuesday before retreating. Mark Coffelt, portfolio manager at Empiric Funds in Austin, Texas, said stocks are due for a slide after two months of steady gains, but that any drop is likely to be modest because so many investors are waiting to put money in the market. "We're probably a little overdue for a correction," Coffelt said. "I think it's going to be pretty light as much of the public is underinvested." In the final hour of trading, the Dow fell 80.48, or 0.7 percent, to 10,889.51. The Standard & Poor's 500 index fell 6.50, or 0.6 percent, to 1,182.93, while the Nasdaq composite index fell 5.56, or 0.2 percent, to 2,431.25. The government's auction of $21 billion in 10-year notes saw stronger demand than in recent months. The 10-year note is used as a benchmark for many consumer loans. Bond yields have been rising in recent weeks, which has pushed interest rates higher. The yield on the benchmark 10-year Treasury note, which moves opposite to its price, fell to 3.89 percent from 3.96 percent late Tuesday. On Monday, its yield climbed above 4 percent for only the second time since October 2008. The concern has been that if rates rise too fast, it could slow the economic recovery. The Mortgage Bankers Association said the average rate on 30-year, fixed-rate mortgages surged to 5.31 percent last week from 5.04 percent a week earlier. Denis Amato, chief investment officer at Ancora Advisors in Cleveland, said a rise in rates could stall the stock market's climb. He noted that historically stocks continue to rise when rates start to creep up becuase the ease in demand for safety holdings is a sign that investors feel more confident about the economy. If rates continue to climb, however, concern builds that higher borrowing costs will will slow a recovery. "Eventually it catches up and they recognize that, well yeah, things are getting better but it's going to mean higher rates," Amato said.
hehehe, rats are deserting a sinking ship: SPY -0.57%, TLT +1.27% (EOD) BTW, today SPY had the worst day (close-to-close) since Feb 23 :eek:
LOL! I take it you did not exit from the short ship yesterday. I read a comment of yours in the 1300 SPY thread, and I said to myself the bear man is now long/in doubt, so it must be the end. Tell us how you kept your head when everyone seemed to have lost theirs?