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The bulls failed to bounce the indices as the bears kept the pressure on right into the close. The VXO did rally into close but failed to recoup all of yesterday's loss, despite the fact that SPX gave up all of yesterday's gain and more. The SPX also squeaked out a lower low than yesterday, which combined with today's higher high give us a bearish outside day, but just barely so. On a daily chart basis, I would say that the DJIA remains the weakest situation while the COMP is the strongest. However, keep in mind that "strongest" is a relative term.
| Index |
Index Value |
Point Change |
Percent Change |
| S&P 500 (SPX) |
1103.2 |
-10.8 points |
-0.97 percent |
| Dow Jones Industrial Average (DJIA) |
9897.6 |
-59 points |
-0.6 percent |
| Nasdaq Composite (COMP) |
1922.9 |
-13.6 points |
-0.70 percent |
| Russell 2000 (RUT) |
566.7 |
-5.4 points |
-0.94 percent |
| CBOE Market Volatility Index (VXO) |
15.6 |
0.94 points |
6.4 percent |
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In my post at 9:35 AM , I said that the open didn't "feel" as strong as I would have expected. I have been trying to think of a way to elaborate on this. The basic notion is that I thought the market was poised to rally based on the news at the time, the SPX bounce off 1100 yesterday and the RSI turning higher. However, when the indices opened the gains were muted and the there didn't seem to be much urgency to buy. I hadn't noticed it at the time, but the intraday chart of December futures highlights the difference. The chart below shows the chart as it stood at 9:35 -
Chart Courtesy of Thomson/ILXHere you can see that futures were trading higher into their 9:15 halt and then gapped lower when they re-opened with market at 9:30. I know it is not much, but I am just trying to highlight some of the different clues the market sends.
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It looks as if the bulls are trying to bounce the indices off their lows, but it will take quite a bit of buying to salvage the day...
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Stocks quoted in this article:
We enter the final hour of trading with the bears showing no signs of letting up. With the exception of the COMP, the major indices have given up all of yesterday's gains and then some. Interestingly enough though, the VXO lost seven percent yesterday but is only gaining four percent today....
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Below is a list of some of the companies scheduled to report earnings after the close and their percent change today....
- Armor Holdings (AH) -1.08%
- Applied Micro (AMCC) 3.98%
- Cheesecake Factory (CAKE) -0.07%
- Electronic Arts (ERTS) 0.91%
- Monster Worldwide (MNST) 2.69%
- Motorola (MOT) 2.14%
- Plantronics (PLT) 1.32%
- Seagate Tech (STX) 1.00%
- Teradyne (TER) 2.34%
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