Record Nasdaq days on the downside
10/19/87 -11.35 %
04/12/00 -9.67
09/29/08 -9.14 No bailout, WB bought by C. Dow down 7.0%. S&P down 8.74%
10/20/87 -9.00
10/26/87 -9.00
08/31/98 -8.56 Russian and LTCM crash
10/15/08 -8.47% Retail numbers were bad, beige book bad.
04/03/00 -7.64
01/02/01 – 7.23% Funds lock in profits, Robbie Stephens downgrades EMC, INKT, NTAP, many others. NAPM Index at 43.7% (consensus was 47.1%), the lowest since April 1991 and indicative of a continued contraction in the mfg. sector
12/20/00 – 7.12% FDRY takes down infrastructures with the warning.
04/13/00 -7.02
10/27/97 -7.02 Asian Financial Crisis
09/17/01 - -6.83 Trading resumes after the WTC bombing
11/19/08 -6.53% fed says unemployment could be 7.6%, recession all 2009.
03/12/01 – 6.30% CSCO warns prior period, Barron’s pummeling fiber optics stocks, ERICY warns.
01/05/01 – 6.20% BAC rumors of bad shortfall due to CA utilities and CSCO rumors of missing quarter sent it down.
04/03/01 – 6.17% - ABRA, ITWO, RBAK, AXP, INKT, ENTU, BVSN, warn last night.
03/27/80 -6.15%
03/28/01 – NT and PALM warn the night before sending networkers down double digits.
05/23/00- 5.93%
10/07/08 -5.80% MS fears the Japanese bank will pull financing and BAC has horrid earnings.
11/5/08 -5.53% election results and profit taking after 205 runup.
10/09/08 - 5.49% GM and MS downgrades, shorts allowed back
11/12/08 - 5.17% Treasury not buying toxic mortgage assets.
Best Buy earnings warning horror.Intel just cut Q4 guidance.
GOOG below $300.
11/14/08 - 5.00% Worst retail month in Oct ever.
Put/Call ratio 1.41
Under 0.40 is Very Bullish sentiment, 0.40-59 Bullish, 0.60-0.79, Neutral, 0.800-0.99 Bearish, Over 1.00 Very Bearish. When many are bullish, this may be time to take profit.
VIX 74.26
When it runs below 20, usually a good time to take some profits. If above 35, good time to buy.
Sector Watch
Breakout of the day
$GOLD Gold 742.20 +37.20 +5.28%
Collapse of the day
$DJR REITs 108.38 -15.94 -12.82% fears of a commercial collapse and vacancy rates up 50%.
Sector ELF strength: Natural Gas– UNG +2.5%. Heating Oil– UHN +0.3%. Commodities– GSG +0.3%
NYSE Volume 3,099,532,871
Down Volume 2,710,635,327 (87%)
Declining Issues 3,390 (91%)
New Lows 1,037
New Highs 20
NAsdaq 2,420,269,336
down volume 2,362,829,583 (98%) Wow!!!!! No one was buying tech.
New Lows 834
New Highs 2
Crude $52.97
Nat Gas $6.73
Gold $737
Silver $9.25
Copper $1.60
DJIA 7997.28 down -5.07% -427.47
S&P 806.58 down -6.12% -52.54
NASDAQ 1386.42 down -6.53% -96.85
C set a new 23 year low today. Says that this weakness set the tone for the market today, but wasn't reflected in the market until late in the day. Damage in the credit markets may have been bleeding over into why C was down sharply. Concerns started in the real estate market. Says that exposures to CMBS may have sparked concerns and notes that: C has $16.9 bln or 11% of its equity; JPM has $9.3 bln or 5% of its equity, GS has $3 bln or 4.5% of its equity; BAC has $7.48 bln or 4% of its equity and BAC+MER have $20.2 bln or 8% of their equity.
Housing starts fell 4.5 percent last month to a seasonally adjusted annual rate of 791,000 units and building permits -- which signal future building intentions -- dropped even more dramatically by 12 percent to 708,000.
Quote of the day
"We have a very weak economy," Fed Vice-Chairman Donald Kohn told reporters after a speech to a Washington think-tank. "My most likely outcome is for a couple of quarters of negative growth, and inflation coming down, but not getting to that deflationary state."
In the 2000-2002 bear, we had 10 days of 5%+ declines. Now we are at EIGHT. The volatility is going to be high until we see the funds stabilize.
The Labor Department said energy prices dropped 8.6 percent in October, after declines of 3.1 percent in August and 1.9 percent in September. October's was the biggest drop since the department began keeping seasonally adjusted energy prices in 1957.
Gasoline prices plunged 14.2 percent in October, also a record drop. Gasoline prices are expected to drop again in November, with the latest weekly government data showing retail gasoline at $2.13 a gallon, sharply below the $3.54 a gallon at the beginning of October.
New-vehicle prices dropped 0.5 percent last month after falling 0.7 percent in September -- adding to the distress that automakers feel as they plead for government money to tide them over a period when they say buyers can't get loans to buy new cars.
Food costs were up 0.3 percent in October, half the 0.6 percent rise posted in September.
On a year-over-year basis, the Consumer Price Index rose 3.7 percent, the smallest increase in a year. |
