Wednesday, February 4, 2009

Today on the Marketbeat: The Market enters rehab....


Market #'s @ Closing Bell:


S&P: -5
DOW: -120
NASDAQ: +1.3
RUS2K: -3
TSX/S&P: +74 
VIX: +0.88


Internals:

Core Sector List: 9/7 to the Bulls

NYSE
BREADTH: 1.4/1 Bears
AD LINE: -411

NASDAQ
BREADTH: 1.56/1 
AD LINE: 200

Today on the Marketbeat: The Market enters rehab....

What do you get when you mix an Equity market with Choppy, wild swings? A market that eerily resembles Amy Winehouse....That is to say that the market needs to go to Rehab. The day got off to a solid start, moving off the highs of yesterdays swing - making its way to the R2 resistance. Cue in lunchtime, and the wild pullback the market witnessed during that time span. Many times the market will rally or retrace off lows or highs, but rarely do we see a market retrace/rally away all of the days move...like we have witnessed today. The market closed near its lows, around 829 on the ES .

Under the hood was kinda similar to being in line at McDonald's, you always know whats on the menu but always seem to have trouble making a choice. The Breadth's battled Bulls vs Bears with it closing / to the Bears. The AD line jumped to highs only to sell them off closing @ - 400 ticks. Filling out the internals, the VIX picked up 88 cents.



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