Reply #61: 3:20 goin down, down, down, down down, down

[54anickel]

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Dow 10,100.99 -143.94 (-1.40%)
Nasdaq 1,886.69 -34.49 (-1.80%)
S&P 500 1,113.02 -16.28 (-1.44%)
10-yr Bond 3.989% -0.051
30-yr Bond 4.777% -0.066
NYSE Volume 1,116,205,000
Nasdaq Volume 1,312,313,000

3:00PM: Stocks remain underwater with little sign of emerging as no recovery attempt has been sustained today... Energy worries, earnings disappointments, technical deterioration, and geopolitical concerns continue to force investors to take a more conservative approach... Fighting today in Baghdad has been particularly bad, with one suicide bombing killing at least six Iraqi civilians and wounding 54 others... A second American hostage was also executed today by an al-Qaida-linked group - intensifying worries about the situation there... NYSE Adv/Dec 981/2260, Nasdaq Adv/Dec 733/2280

2:30PM: Indices hold to the same negative stance after their latest leg lower... A jump in the price of crude oil to its highs of the day ($48.20/bbl) brought about the latest selling drive as traders worry about the effects of Hurricane Ivan... It is hypothesized more damage was done than initially believed, and that that combined with shrinking oil inventories puts the US in a weak position... With the tone of trading bearish throughout the session, this news has only prompted more selling...NYSE Adv/Dec 952/2277, Nasdaq Adv/Dec 676/2307

2:00PM : The market is still down in the dumps as the indices set new worst levels... Biotech, financial, transportation, drug, cyclical, consumer staple, and technology have all taken a hit and given little hope for a recovery effort in the process... Software, semiconductor, computer hardware, networking, and communication equipment have rounded out the latter's worst performing groups... Strikingly, the homebuilding group has lifted off its lows - nearly breaching the unchanged mark - as the rally in the bond market has taken hold and the yield on the 10-year note falls below the 4.00% level...SOX -2.6, NYSE Adv/Dec 981/2232, Nasdaq Adv/Dec 727/2236

1:30PM : Equities continue to sport hefty gains in what as been a losing session for bulls... Conviction as measured by market internals has been strong to the downside, and volume has run at an above average pace... This suggests that sentiment remains fairly negative in this market that cannot seem to recover from earnings warnings... Briefing.com said at the beginning of the year that year/year comparisons would become more difficult in 2H04, and indeed they have...

Profits growth rates, in most instances, have slowed - at a rate greater than most analysts expected due to higher input costs (energy), weaker consumer spending, and less beneficial currency conversion to name a few...NYSE Adv/Dec 994/2294, Nasdaq Adv/Dec 696/2250

Advances & Declines
NYSE Nasdaq
Advances 994 (28%) 737 (23%)
Declines 2252 (65%) 2292 (72%)
Unchanged 185 (5%) 136 (4%)

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Up Vol* 196 (18%) 298 (23%)
Down Vol* 832 (79%) 950 (75%)
Unch. Vol* 19 (1%) 7 (0%)

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New Hi's 93 48
New Lo's 24 39