Schaeffer's Trading Floor Blog
Stocks quoted in this article:

After bouncing from the morning lows (a loss of over 300 points) and rallying all the way back to breakeven, the Dow Jones Industrial Average (DJIA) closes with a loss of 176 points. As the intraday chart shows, there was a fairly aggressive bout of buying during the afternoon but it couldn't hold. We end the day with the broad market indices all posting losses near 2%.

The midday check of the action showed most sectors were lower and nothing changed there. The Amex Gold Bugs Index (HUI), US Oil Fund (USO), and Oil Service HOLDRS (OIH) ended as the weakest area. This marks a new annual low for the USO.

As far as my overall thoughts, they still haven't changed from what I discussed last night. Even with today's drop, the October lows are still not in play so I view this as a drift in congestion. Before I sign-off though, I do want to offer an apology. As regular readers may have noticed, the late-morning and afternoon content has been lacking this week. I have had some other projects demand attention so my work here has suffered. I hope this to be a temporary dilemma and will do want I can to divert some time back to this space. And that is where I will pick up in the morning. Have a nice evening...

Chart Courtesy of Thomson Financial

Index Index Value Point Change Percent Change
S&P 500 (SPX) 899.0 -20.3 points -2.20 percent
Dow Jones Industrial Average (DJIA) 8694.0 -177 points -1.99 percent
Nasdaq Composite (COMP) 1580.9 -35.8 points -2.22 percent
Russell 2000 (RUT) 482.3 -10.8 points -2.19 percent
CBOE Market Volatility Index (VIX) 61.44 1.46 points 2.4 percent

Chart Courtesy of Thomson Financial

Chart Courtesy of Thomson Financial


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