Reply #58: 2:51 and that mysterious post 2pm rally is happening again

[54anickel]

Dow 10,124.88 +2.36 (+0.02%)
Nasdaq 1,829.86 -6.63 (-0.36%)
S&P 500 1,099.43 +0.28 (+0.03%)
10-yr Bond 4.115% -0.073
30-yr Bond 4.927% -0.062
NYSE Volume 739,200,000
Nasdaq Volume 897,179,000


2:30PM: Over the last few hours the indices have established a series of slightly lower lows but neither follow through interest nor bargain hunting has been evident. Modest strength has been noted in a few sectors today (energy, utility, health and housing) but more buy side interest has developed in Treasuries. Talk has been that traders are ratcheting down expectation for the jobs data on Friday with some month end buying also suggested. NYSE Adv/Dec 1761/1466, Nasdaq Adv/Dec 1218/1739

2:00PM: The push to fresh session lows this afternoon did not elicit much interest as little follow through was noted with minor upticks noted in recent trade. Crude oil has not had much impact despite the modest losses with the front month contract stabilizing over the last two sessions in the $42.00 area. It may boil down simply to the fact that after two weeks of a low volume bounce, participants are taking some profits in front of the INTC mid-quarter update and more importantly the jobs data which could help set the tone for the month of Sep. NYSE Adv/Dec 1722/1450, Nasdaq Adv/Dec 1159/1738

1:30PM: New session lows for the market averages in recent trade. Whether it was related to the reports of a subway station bombing in Russia on the heels of the airline explosions is unclear but the fact remains that buyers have yet to display much fortitude in the face of weaker data and cautious comments on INTC (-3.1%, set new 52-wk low). The extension of yesterday's reversal has come amid heavier volume but it is still running far below average. Market internals at the NYSE are still holding on to a slightly favorable bias thanks to gains in the energy, utility, tobacco, housing and health sectors. NYSE Adv/Dec 1748/1413, Nasdaq Adv/Dec 1138/1734