Reply #80: 12:04 EST bloodletting continues - DOW under 10,400 [View All]

[UpInArms]

Dow 10,399.60 -81.92 (-0.78%)
Nasdaq 2,111.80 -19.53 (-0.92%)
S&P 500 1,213.05 -8.29 (-0.68%)
10-Yr Bond 4.188 -0.55 (-1.30%)

NYSE Volume 1,142,326,000
Nasdaq Volume 837,362,000

11:30 Without a new catalyst to spark either buying or renewed selling interest, trading remains range bound. The Treasury market, meanwhile, stays strong. The benchmark 10-year note has risen 13 ticks, yielding 4.19%, while the 30-year note is up 28 ticks and offering a yield of 4.47% following yesterday's rate hike... Strength at the back-end of the curve after the Fed decision connotes a belief that traders are comfortable with the idea that long-term inflation expectations will remain contained... Despite the Fed's decision, the dollar is weaker today against both the euro and yen - falling the most in three weeks as traders fear Rita will exacerbate Katrina's slowing effect on the economy and perhaps allow the Fed to refrain from raising rates at its next meeting... ..NYSE Adv/Dec 1273/1754. ..NASDAQ Adv/Dec