Portfolio up 1.70%, NASDAQ up 0.49%, Dow down 1.17%, S&P500 down 0.49%, Meisler down 1.6%, Gilder up 1.3%.
Let's see. I missed the monster 15.3% Nasdaq intraday correction yesterday. I guess only loss 1.7% total yesterday.
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Briefing.com run of it.
13:30 ET Dow -246, Nasdaq -474, S&P -59.79: Not much relief for the market, though the Dow has come off its earlier lows... Still, the Dow is off 2.18%, while the Nasdaq continues to lose ground, down over 11%... Obviously, tone not very positive as buyers are few and far apart... Even those investors that would be willing to buy on the dips may be unable to at this time because of margin calls or next week's tax date that is forcing some funds to be kept on the sidelines.
Close Dow -46.85 at 11175.08, Nasdaq -74.78 at 4148.90, S&P -11.24 at 1494.73: Wow, what a roller-coaster ride! Can't get this type of thrill at any ordinary amusement park... Certainly, the sell at any price mentality, heavy volume and big time bounce from the lows marks a bottom for the time being... But in the next week or so, the new lows set today are likely to be tested again... Nonetheless, you got to give investors credit for hanging on, even after their knuckles turned white from lack of blood flow... In a very eventful day, both the Dow and the Nasdaq opened higher this morning... But the 59.77 point gain was short-lived in the Nasdaq as selling emerged and kept the tech heavy index under water for much of the morning, often losing more than 150 points at any given point in time... But just as most thought that the selling had run its course, the market really turned ugly just before the lunch hour, prompting the Dow to also turn negative after being up more than 196 points early in the session... The selling wave was intense across the board, prompting margin calls which only exacerbated the declines... At the lows of the session, which occurred just around 13:00 ET, the Dow lost 503.53 points (4.49%) and the Nasdaq 574.57 (13.6%)... Volume was very heavy today, setting records at the NYSE and Nasdaq, and market breadth decidedly negative which was needed in order to squeeze the excesses of the market... For the time being, the worst appears to be over, but the new lows will probably be tested in the next week or two, though it could come as early as Friday following the release of the March employment report... Today's activity may have shaken some investors from a state of complacency, but the bulls remain in control, though with less profits to show for their conviction.
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Looking at the portfolio. ISIL is down 36% from price bought at, EMLX down 27%, NTAP down 23%, SEBL down 18%, and CNXT down 28%. I'm sure these were off 20% on 4/4/00.
The worse should be over as YHOO beat earnings by 4 cents as expected.
Jack |
