Reply #86: 2:40 and picking up nicely (quick break from painting for a peek) [View All]

[54anickel]

Dow 10,552.14 -17.75 (-0.17%)
Nasdaq 2,142.51 +1.10 (+0.05%)
S&P 500 1,220.80 -0.93 (-0.08%)
10-yr Bond 4.181% -0.04
30-yr Bond 4.4% -0.03
NYSE Volume 1,205,338,000
Nasdaq Volume 993,996,000

2:30PM: Indices continue to pare a day of losses, as the closing of commodities trading provides some relief for investors... Even though crude oil futures have unofficially closed up $0.10 at $65.75/bbl, perhaps the fact that oil finishing off its highs and an improvement in the Energy sector has helped participants look for bargains in underperforming sectors like Technology, which has recently turned positive... NYSE Adv/Dec 1333/1872, Nasdaq Adv/Dec 1223/1700

2:00PM: Market off its worst levels, spearheaded by improvements in Technology, but still trades in negative territory... A turnaround in Software (+0.2%), most notably Microsoft (MSFT 26.95 +0.04), coupled with a 2.8% surge in Adobe Systems (ADBE 26.90 +0.72), have provided the bulk of recent support... However, weakness from bellwethers like INTC (-0.8%), IBM (-0.6%) and DELL (-1.3%) have prevented the Tech sector from turning positive...SOX -0.1, NYSE Adv/Dec 1199/1995, Nasdaq Adv/Dec 1189/1750

1:30PM: Stocks still mired in relatively tight trading ranges as market breadth remains negative... As reflected in the A/D line, decliners on the NYSE outpace advancers by a 19 to 11 margin while declining issues on the Nasdaq hold a 9 to 5 edge over advancing issues... A more than 2-to-1 ratio of down to up volumes, however, suggests an even more bearish bias... Adding to today's struggles have been the indices' inability to find initial support; but lighter than usual volume is providing little conviction behind the market's broad-based move to the downside... NYSE Adv/Dec 1182/1988, Nasdaq Adv/Dec 1097/1807