Reply #85: 2:07 EST numbers and blather [View All]

[UpInArms]

Dow 10,440.52 -67.45 (-0.64%)
Nasdaq 1,981.72 -23.68 (-1.18%)
S&P 500 1,176.95 -10.81 (-0.91%)
10-Yr Bond 4.382 +0.22 (+0.50%)

NYSE Volume 1,296,523,000
Nasdaq Volume 1,108,912,000

2:00PM: Sellers show some resolve as the major indices fail to find support near key technical levels... A renewed wave of selling interest, initiated in part by a sell off in Treasurys, has prevented the Dow, S&P and Nasdaq from finding support near 10435, 1182 and 1984, respectively... Overall sentiment has also deteriorated, as decliners on both the NYSE and the Nasdaq now hold a nearly 2 to 1 edge over advancers...NYSE Adv/Dec 1175/2068, Nasdaq Adv/Dec 976/1957

1:30PM: Stocks extend their reach into negative territory, as a disappointing bond auction renews selling interest in Treasurys... Yields on the benchmark 10-year note (-8/32) have recently climbed to their highest levels of the day (4.38%), as indirect bidder participation (foreign demand) for today's $15 bln 5-year note auction came in at a dismal 28.2% and the bid-cover ratio of 1.86 checked in at the lowest since June 2003...

While still below a more unnerving 4.50% level on the benchmark 10-year, investors have had little else in the way of market moving catalysts to influence the direction of trading... As such, an increase in borrowing costs has only weakened an already negative sentiment...NYSE Adv/Dec 1342/1862, Nasdaq Adv/Dec 1110/1824