Marketbeat - August 25th 2008

Another day another drop, with the broad market gaping down this morning, almost pegging the lows of Fridays gap up. From this opening point the market looked lower all day with minor points of it taking a breather before continuing lower. The point were all going to be watching tomorrow is 1265 on the ES' (S&P 500 E-Mini Futures) If the broad market fails to hold this line in the sand we could be in for another leg down to the 1250 line on the ES'. With a sea of stock tickers in the red today. However if it does hold we could see the market rally off this move or just pause a bit, the fact is we've been in a little channel mode on the S&P500 since mid-July so we could see this action continue. On the internal side, the bulls were completely playing hookie, almost no where to be seen in today's action. The core sector list came in around 16 to 0 for the bears, with small changes intra day (13-3 etc) but nothing held. Trin pegged and closed at the high point of the day @ 2.21. The NYSE breath read 7.62:1 for the Bears, while the Nasdaq breath came in at 1.28:0.2 (6.4 to 1) for the bears.

Todays action was interesting to watch, but for the sake of the trader 6months from now, I chose to SOH (Sit on Hands), This is a good market to experiment with some Paper money and get the kinks out of some strategies you like.

Market #'s:

S&P500: -24 to 1266.84
DOW: -241 to 11386.25
NASDAQ: -48 to 2365.59
RUSSEL: -16 to 720.56

Internals:

NYSE Trin: 2.2
Nasdaq Trin: 2.2
Nyse Breath: 7.62 : 1
Nasdaq Breath: 6:1 (1.28:.2)
Core Sector List: 16 to 0 to the Bears

Some Stocks im watching: MYGN, TIE, RIMM, AAPL, RBN

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