Today on the Marketbeat: Bear Market Drop

Market #'s @ Closing Bell:

S&P: -28
DOW: -254
NASDAQ: -47
Rus2K: -13
TSX/S&P: -320
$VIX: +4.88


Internals:

Core Sector List: 16/0 Bears

- NYSE -
BREADTH: 20/1 Neg
AD LINE: -2470

- NASDAQ -
BREADTH: 6/1 Neg
AD LINE: -1450

Today on the Marketbeat: Bear Market Drop

It's a pretty well known fact that some of the sharpest, fast paced bull rallies happen in the context of a Bearish market, however, after 3 weeks of steady bullish days we witnessed today one of the opposites - a huge bearish washout.

Although a majority of the bearish drop took place pre-market, as markets were lower last night. It still shouldn't be seen as much of a surprise as the last 3 weeks have seen a new comfort with buying into the market. Today. as the markets opened the psychological level of 800 had been lost, and throughout the day tacked on about 10pts more lost (on the S&P ES Futures). Internals did pick up to the downside as the day went on, closing near the lowest levels of the day.

On the news front the Obama administration took action in terms of the Automotive industry cutting loose former GM CEO trying to give these North American based automakers a push.