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I wanted to give stocks a chance to settle into a groove before checking on the major indices. With half an hour under their belt, the indices are still trying to find their footing...
| Index |
Index Value |
Point Change |
Percent Change |
| S&P 500 (SPX) |
1091.0 |
-4.7 points |
-0.43 percent |
| Dow Jones Industrial Average (DJIA) |
9716.2 |
-42 points |
-0.4 percent |
| Nasdaq Composite (COMP) |
1907.7 |
-7.4 points |
-0.39 percent |
| Russell 2000 (RUT) |
566.2 |
-1.6 points |
-0.28 percent |
| CBOE Market Volatility Index (VXO) |
17.0 |
0.90 points |
5.6 percent |
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Stocks quoted in this article:
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The iShares Lehman 20+ Yr Treasury (TLT) opened with a pop and is challenging its high from September. For some perspective on the TLT, please see my post from two weeks ago "Bond...Treasury Bonds" if you haven't read it...
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For what it is worth, S&P futures are still down, but have gained steadily as we approach the opening bell....
Chart Courtesy of Thomson/ILX
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Stocks quoted in this article:
In addition to the points below, there is something else that caught my eye. CNBC noted earlier that Deutsche Bank upgraded American International Group (AIG). As I started to look into it I found that despite the plunge that we noted in part one and part two, there is still little in the way of skepticism.
Coming into this morning, data from Zacks showed that 15 of the 20 analysts ranked AIG with a "buy" rating. Three months ago, 16 of 20 analysts ranked the stock with a "buy" rating so not much has changed on this front. Updated short interest data (which is graciously updated once a month by the exchanges) showed a big drop heading into the plunge.
Given that Friday's close was the lowest weekly close since May 2003, I am not so sure why everyone is still so bullish. And more importantly, who is left to buy?
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