I got out due to the following .
2:00 ET Dow -110, Nasdaq -52, S&P -18.37: It has been a struggle for the equity market this morning with buyers taking to the sidelines as the jump in
long-term rates and the market's deteriorating technical condition draw added attention... A noticeably weak tech sector, highlighted by losses among the big-cap
tech leaders, has been the focus for traders today who fear the loss of their leadership will usher in a longer period of corrective activity in the marketplace... That
goes without saying given the amazing run they have had, and thus far, there has been little interest in buying today's dip as the indices are at or near their lows for
the session... The tech selloff has been led by the Internet, chip equipment, and disk drive stocks.... In the broader market, airline, retail, and rate-sensitive issues
are among the more influential laggards... Merck (MRK +1 3/4) has capitalized on a PaineWebber upgrade and is just one of a handful of Dow components
moving higher... Hewlett-Packard (HWP -3 11/16), Wal-Mart (WMT -3 7/16), and J.P. Morgan (JPM -3 1/16) top the list of Dow losers... DJTA -60.07...
DJUA -2.91... SOX -9.15... Nasdaq 100 -2.3%.
|
