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Market #'s @ Closing Bell:
S&P: -12 (lost 1080)
DOW: -104
NASDAQ: -12
Rus2K: -6
TSX/S&P: -136
$VIX: +2.00
Internals:
Core Sector List: 13/3 Neg
- NYSE -
BREADTH: 7.2/1 Neg
AD LINE: -1600 (was up 1700)
- NASDAQ -
BREADTH: 2.3/ 1 Neg
AD LINE: -1200 (was up 1200)
Today on the Marketbeat:
Well another Manic Monday has come and gone and what an interesting day it was. The day got off to a very bullish start as stocks were bought off Fridays dip. Midway through the sessions, around lunch time on the east, the broad markets began to sell off in a big way as the SPX went from being up 10+ points to being down 10+ points in the span of an hour.
The dollar seems to be the culprit as it caught a bid and the market followed suit to hit the sell button as stocks sold off into the afternoon. The Ag stocks seemed to suffer the most as they are most associated with the $ and its movements, so as the Dollar caught a bid, the Ag's (like POT and MOS) sold off big time leading the market lower. There was a couple of signs that could of helped us see this coming as the $SPX lost 1080 today big time. The Breadth has been making lower highs as the market makes higher highs. The breadth is the big dog when it comes to market internals so noticing that the breadth was diverging from the market price shows that the volume going into this rally higher was slowing. The other sign came this morning when the only Core Sector down was the banks, even as the markets hit significant highs. What happens tomorrow will be a big sign as to how to stance ourselves in the coming days. The consumer confidence report comes out in the morning and there is many earnings still on the way so stay nimble
Happy Trading
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