Reply #32: Market Numbers at 11:03 and blather [View All]

[UpInArms]

Dow 10,224.08 +4.74 (+0.05%)
Nasdaq 1,968.14 +4.71 (+0.24%)
S&P 500 1,117.06 +0.85 (+0.08%)
10-Yr Bond 4.470% -0.010

11:00AM: The market drops off its earlier levels as buying interest wanes... The broker/ dealer index has declined significantly over the past half hour, falling below its June lows... The group has been prone to weakness since the start of the year - as investors reduce exposure to interest rate sensitive stocks , although it had demonstrated some relative strength in past sessions as the yield on the 10-year note decreased... Homebuilding is one area that is still catching a bid from the improvement in the bond market, several issues breaking out of their past trading ranges...

Despite the move, the group is still well below its late 2003 highs...NYSE Adv/ Dec 1814/1074, Nasdaq Adv/Dec 1504/1198

10:30AM: Equities continue to tread water just above the flat line, supported by positive market internals... Advancers are leading decliners by a roughly 2-to-1 margin , and up volume is ahead of down volume by a similar ratio at the NYSE and Nasdaq... From a technical perspective, the Nasdaq has held above a key support level above its 50-day simple moving average, at 1970, but has encountered overhead resistance at the 1975/1979 area - a zone highlighted in today's Technical Take (a Briefing.com Platinum product)... The 1979 point marks the Composite's 200-day moving average...

Trading should remain range-bound as long as the Nasdaq is unable to breach that point...NYSE Adv/Dec 1895/865, Nasdaq Adv/Dec 1588/968