14:00 ET Dow -79, Nasdaq -22, S&P -11.56: [BRIEFING.COM] The Dow got down as low as 11,011 before buy interest pushed it away from support at 11,000. The markets have lifted modestly on this hold of support. Volume remains ridiculously low which is likley to lead to volatility towards the close. Semiconductors continue to outperform with the SOX posting a 0.5% intraday gain. On the broader market we see weakness in telecomm equipment, homebuilding utilities and natural gas. Weakness in defense-related issues may be related to uncertainty in the U.S. Senate. DJTA -0.8%... DJUA -2.0%... SOX +0.3%... XOI -0.1%... BTK -1.5%... Nasdaq 100 -1.9%... S&P Midcap 400 -0.2%... NYSE Adv/Dec 1367/1551... Nasdaq Adv/Dec 1707/1878.
13:30 ET Dow -104, Nasdaq -30, S&P -13.78: [BRIEFING.COM] This session completely lacks direction on light volume. The Nasdaq has held to an interesting 10 point range over the last two hours in a session that lacks for catalysts. The bond guys are finished for the day and the long bond closed -4/32 at 5.844%. Last night's comments from Alan Greenspan have failed to move the market. Specifically, the Fed Chairman suggested that economic weakness remains the primary concern rather than inflation. With that dynamic in mind, Greenspan indicated future rate cuts may be necessary to stimulate growth. DJTA -1.0%... DJUA -1.9%... SOX +0.1%... XOI -0.1%... BTK -2.2%... Nasdaq 100 -2.1%... S&P Midcap 400 -0.3%... NYSE Adv/Dec 1316/1573... Nasdaq Adv/Dec 1688/1868.
13:00 ET Dow -92, Nasdaq -23, S&P -12.27: [BRIEFING.COM] Still lower on the major averages as the Dow looks relatively trendless while the Nasdaq is working on 2,260. Of note, gold-related equities are substantially outperforming in today's session. The XAU is posting a 2.5% intraday gain in a move that looks as if it may be technically related. The index has support around 59 and buy interest in the group has steadily increased as XAU holds over this level. Separately, investors continue to move into the entertainment software stocks in anticipation of the Xbox release scheduled for November. Stocks that have been picked up in the theme-based move include majors such as ERTS (-2.2%), THQI (-1%), ATVI (-1%), which are all trading down today after climbing to new 52-week highs... Not to overdo the volume issue, but it has been extremely light in today's session and continues to slow down as the day wears on. An interesting question for investors may be whether the aggregate preference is to be long or short going into a long weekend. The answer to that question may be influential in market direction towards the close. Briefing.com continues to see the upside as the path of least resistance and if the market agrees you may see short covering into the close. DJTA -1.0%... DJUA -1.5%... SOX +0.7%... XOI -0.1%... BTK -1.9%... Nasdaq 100 -1.7%... S&P Midcap 400 -0.2%... Russell 2000 -0.1%... NYSE Adv/Dec 1331/1531... Nasdaq Adv/Dec 1660/1833.
12:35 ET Dow -89, Nasdaq -24, S&P -11.54: [BRIEFING.COM] The markets continue to drift in negative ground. Nonetheless, the SOX has edged into positive territory, now posting a 0.4% intraday gain which is worth keeping an eye on. If buy interest should accelerate as the day wears on, the chances for a late day rally would be much improved. Nasdaq market internals have improved modestly but notably since the last update. On the broader markets, strength is evident in oil drillers, health care, gold and steel. Sell pressure is hitting telecomm equipment, defense, utilities and homebuilding sectors. DJTA -1.0%... DJUA -1.6%... SOX +0.4%... XOI -0.2%... BTK +2.0%... Nasdaq 100 -1.8%... S&P Midcap 400 -0.2%... Russell 2000 -0.1%... NYSE Adv/Dec 1330/1487... Nasdaq Adv/Dec 1621/1842. |
