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As is tradition here, Fridays are dedicated to limericks. This is merely a way to explore market topics in a light hearted way. For today, I focused on earnings season with my entry below. Later on I will come back to this and explain its meaning...
Earnings season is off to a start
Bulls and bears have taken this to heart
The bulls expect a gain
The bears foresee pain
But only those who respect risk are smart
And as it also becoming tradition, my colleague Matt offers insight into Wall Street's mentality by highlighting the ongoing struggle he has with his "advisor"...
My advisor, the knucklehead clown,
Said, "For one year, KMART's been down!"
I exclaimed, "KMART!!
Then gave him a chart,
And said, "Now turn it around!!"
I will be back in just a moment with futures and news...
P.S. - Good Morning!
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Stocks quoted in this article:
The final numbers on the indices should shakeout to something close to those below. The late-day selling is being blamed on weaker than expected consumer credit data. While I am sure this played a part in it, clearly there was weakness all day. The VXO closed near its high of the day and registered a decent spike on a percentage basis. Of course, at current levels it is hard for any move not to be big on a percent basis. Gold for its part remains content to consolidate near 420. Bonds finished below Monday's low. For now, the jobs number released at 8:30 tomorrow, will be the event to watch...
| Index |
Index Value |
Point Change |
Percent Change |
| S&P 500 (SPX) |
1130.7 |
-11.4 points |
-1.00 percent |
| Dow Jones Industrial Average (DJIA) |
10125.4 |
-115 points |
-1.1 percent |
| Nasdaq Composite (COMP) |
1948.5 |
-22.5 points |
-1.14 percent |
| Russell 2000 (RUT) |
582.6 |
-10.1 points |
-1.70 percent |
| CBOE Market Volatility Index (VXO) |
14.6 |
1.56 points |
12.0 percent |
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I don't want to beat a dead horse but I think the intraday chart of the SPX is worth noting again to highlight the steady dominance of selling pressure. This puts the SPX right at the support level we discussed on the daily chart earlier.
Chart courtesy of ILX Systems
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The major indices are all pushing to new intraday lows...I think that answers my question below and leaves me seriously thinking about my point to ponder.
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Stocks quoted in this article:
We head into the final hour with the indices still on the south side of breakeven. This is the point that the bulls stepped in yesterday. Will they offer a repeat performance ahead of tomorrow morning's jobs report?
| Index |
Index Value |
Point Change |
Percent Change |
| S&P 500 (SPX) |
1134.3 |
-7.7 points |
-0.68 percent |
| Dow Jones Industrial Average (DJIA) |
10168.5 |
-71 points |
-0.7 percent |
| Nasdaq Composite (COMP) |
1959.4 |
-11.6 points |
-0.59 percent |
| Russell 2000 (RUT) |
586.0 |
-6.6 points |
-1.12 percent |
| CBOE Market Volatility Index (VXO) |
13.9 |
0.93 points |
7.2 percent |
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