Reply #62: 3:27 EST numbers and blather

[UpInArms]

Dow 10,253.17 -39.14 (-0.38%)
Nasdaq 2,080.43 -9.92 (-0.47%)
S&P 500 1,188.50 -7.40 (-0.62%)

NYSE Volume 1,791,023,000
Nasdaq Volume 1,175,367,000

3:00PM: The market's majors continue to wilt, reflecting a bearish bias that also keeps each of the ten economic sectors below the flat line. With the Treasury market closed for Columbus Day, and with the day's docket offering no economic data, traders head into the the after hours session with sellers dominating and earnings-related caution prevailing. While sector standing has not much changed, the Utilities sector has recently surpassed Energy's loss, now down 1.8% on the day amid wide-spread selling pressure that has left 33 of the sector's 33 issues in the red.

2:30PM: The indices fade and carve out fresh session lows. General Motors (GM 26.05 -2.24) continues to plunge, and the Dow component's 7.9% Delphi-induced decline serves as one of the overall market's biggest impediment. While pullbacks across the energy complex have not been enough to send the market towards sustainable gains today, they have impacted trading. As the price of crude bounces sharply off the lows of the day, and now sports a $61.60/bbl pricetag, sellers gain steam. At the same time, the profit taking within the Energy sector has not been intrrupted, and its 2.0% decline - on top of the approximate 8% lost last week - spearheads the market's trek south. NYSE Adv/Dec 1096/2066, Nasdaq Adv/Dec 1193/1704