Hard to believe but after Mark Haines gave us all the reasons why the markets would rally from down 100 earlier this AM - it didn't. The DJIA closed down 380 (2.75%), the NAZ down 2.2% and the RUT down 1.4%. Not sure why the gurus at CNBC do not mention how the RUT is out performing of late but I guess they have their reasons.
Best of the sectors were real estate, semis, homies, airlines, biotech and gaming while brokers, oils, retail, banks, defense and large cap value were the worst.
Winners - GM SO LVLT MCHP EXPE SNDK SEPR LAMR NVDA ALTR SBUX B ALY FLIR PVG LAYN GES.
Losers- HDNG SNHY CF HURC TBSI DECK GTI SPEC LEH HIG RF CSC GS F ALL MS C.
The DJIA had 3 winners while the OEX had 4 out of 100 in the green; the NDX far better with 13 out of 100 in the green.
The NAZ had about 2 down for every winner while the NYSE was far worse at about 3.5 down for every up.
VIX up about 20% on the day and the new trading rule is to buy when they are up 20% (today) and sell when they are down 20% (yesterday).
Ags- POT down 6%;
Banks- AIB C DFS MTB JPM the worst of the bunch;
Brokers - all ugly;
Gaming- all down with exception of LVS which flipped the green side switch earlier in the session after being down a couple of points;
Metals- all ugly;
Retail- COH CROX DECK HD M PVH SHLD TIF TGT WMT all down very big;
Big caps- GE down 3.75%- AXP -3.7% PG unchanged- CVX down 4%- WMT down 4%;
Up to down Volume- 442m up 2.44 B down on almost 3B shs traded- most i have seen;
The QQQQ oscillating between its 20 and 50 day SMA but looks to be breaking through to the downside with support probably at the old low at/near 47.
PRE BIG BEN
Not expecting much from the markets as the Fed probably gets sold tomorrow - folks probably going to be disappointed regardless of what they say.
ANYWHERE AND EVERYWHERE
Markets trade all over the board and changing as I type so not much point in identifying the current pricing on the major indexes. However, the small /mids are acting far worse than the big caps as the RUT is already down 1.5%.
Strongest sectors are drugs, software, biotech, defense, semis and tech while homies, airlines, oil service, metals and integrated oils lag.
Winning stocks include LVS WYNN WMS AIG IBM JNJ PG WMT AIB MTB WFC AMZN MSFT GOOG TXN AMGN CELG COST CVS.
Losers include AXP CVX MGM DNA BAC BX C JPM MA BSC GS LEH LM MS ICE NDAQ NYX NMX TIF CROX.
Market internals are ugly as usual with 1,500 net losers on the NYSE and 1,400 net losers on the NAZ.
Volatility indexes up 5 to 8% as fear continues to increase as the markets go lower.
Honestly, no clue how this market will trade for the rest of the day or week as the recent winners such energy and metals continue to get crushed along with the financials. The trend has obviously turned down we are however way oversold- so take that.