Today on the Marketbeat - Deal...Or NO DEAL ?!?!

Market #'s @ Close:

DOW: -777 to 10,365

S&P: -103 to 1,110

NASDAQ: -199 to 1,983

RUS2K: -47 to 657

TSX/S&P: -840 to 11,285

VIX: +11.98 to 46.72

Internals @ Close:

NYSE

BREATH: 25:1 Negative

TRIN: 0.5

A/D: -2900 Ticks

NASDAQ:

BREATH: 35:1 Negative

TRIN: 0.572

A/D: -2300 Ticks

Core Sector List: 16/0 To the Bears

Chart of /ES Futures (Click to enlarge)

I can see the late night shows tonight, Jon Stewart doing a lil piece of shtick making light of todays congressional meeting. Today the market continued its histroy making month of September as congress held voting on the Billion Dollar Bailout package today; and in some of the quickest congress action to date - voted against the bill for now. You know a day is going to have some epic to it when there are hour updates on newsletters that usually put out daily news. So today had epic day written over it before the bells even rang out. The market gapped down on the bell, and continued the slide down unti mid-mornign when it tappered off until the news hit the proverbial fan.

The news of congress not passing the bill sent an ential shock wave through the exchange and sent the indexes even lower (hitting lows of 1116 on the ES and 10408 on the YM). However, the downward slide did cease after the dust settled. 

 

Chart of Internals:

Under the hood was a complete mess, with the breathes reading levels that resemble closer to the odds at your local casino rather than a indicator (NYSE = 25/1-NASQDAQ = 35/1). The Trins were of little use, while the core sector list was a red bath coming in 16/0. OPverall, these are all levels that are almost unheard of in trading. We are litterally witnessing history on a daily basis as September 2008 will go down in history as the month that saw financials colapse taking alot of the market with it. 

Unusual Options Activity: 

PBG / EMC / GM / WOOF / EWW / IYR / SCSC