1.04.2008

MORNING NIGHTMARE


Markets are crushed this morning on the heels of a crummy jobs report and a rising level of unemployment. Not sure that the win last night by Mike Huckleberry was very bullish either.


Strongest sectors - biotechs, utils, China, telecom and insurance while retail, airlines, homies, semis and trannies lag.


Market internals dreadful with 3,200 net losers on the NYSE and NAZ while the NDX/OEX show about 20 winners of the 200 issues. IBD 100 also with 10 issues in the green;


WINNERS- DWSN EDU SLT HMSY ESRX GENZ DISH ESRX GILD AMAT CELG EXC KO PG ALL CI CL MO T SO AES;


LOSERS- just about everything else;


VIX- up 5% to the 23.65 level and 13% above the 10 SMA;


RSI (2) levels near the 1 level on most major indexes;


Technically, we are below all key moving averages and the next area of support appears to be near 1,420 on the SPX and 12,800 on the DJIA. I suspect a big rally is around the corner just don't know how far away that corner is.


And if you think your stocks are off to a bad start, check out these sectors after 2+ trading days:


Semis-7%

brokers-5%

banks-5%

retail- 7.5%

2 Comments:

Blogger muckdog said...

Fire sale!

10:32 AM  
Blogger DAVID said...

Y

1:04 PM  

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