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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (45143)	11/13/2008 12:36:39 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 71583

Markets Brief Intel Cuts Outlook After Stocks Test Lows Steve Schaefer, 11.13.08, 12:00 AM EST The chip-maker sees weak demand in Q4, as Wall Street sits just above the year's worst levels. * Intel Corp. Thu Nov 13 2008 00:27 EST $13.52 $-0.41 -2.94% Chart Intel Corp.Chart Intel Corp.Chart Intel Corp. o 1 day o 3 mo o 1 year o Advanced Tearsheet \| Chart \| News * Macy's, Inc. Thu Nov 13 2008 00:27 EST $8.37 $-1.04 -11.05% Chart Macy's, Inc.Chart Macy's, Inc.Chart Macy's, Inc. o 1 day o 3 mo o 1 year o Advanced Tearsheet \| Chart \| News * Best Buy Co., Inc. Thu Nov 13 2008 00:27 EST $21.97 $-1.91 -8.00% Chart Best Buy Co., Inc.Chart Best Buy Co., Inc.Chart Best Buy Co., Inc. o 1 day o 3 mo o 1 year o Advanced Tearsheet \| Chart \| News A U.S. government program designed to buy up the toxic assets choking bank balance sheets has changed its mandate, and investors are caught up in the wake. As if that were not enough, a shaky forecast for the retailer sector and a sharp cut to a chip-maker's guidance could push Wall Street below its October lows on Thursday. Treasury Secretary Henry Paulson said the Troubled Asset Relief Program can more effectively use its $700.0 billion bankroll by continuing to make direct capital injections into financial institutions, rather than fulfilling the original goal of purchasing troubled assets through reverse auctions. (See "TARP Changes Colors.") Article Controls imageemail imageprint imagereprint imagenewsletter imagecomments imageshare imagedel.icio.us imageDigg It! imageyahoo imageFacebook imagerss Yahoo! Buzz Already in the red when Paulson began his speech in the late New York morning, Wall Street extended its losses into the close, threatening to test the lows set Oct. 10. The Dow Jones industrial average dropped 411 points, or 4.7%, to 8,283; the S&P 500 lost 47 points, or 5.2%, to 852; and the Nasdaq was down 82 points, or 5.2%, to 1,499. Weak outlooks from retailers like Macy's (nyse: M - news - people ) and Best Buy (nyse: BBY - news - people ) got the day started on the wrong foot, and a gloomy forecast from Intel (nasdaq: INTC - news - people ) after the close painted a cloudy picture for Thursday's open. The chip-maker slashed its fourth-quarter revenue and gross margin expectations, citing weaker demand across all geographies and market segments. Intel's shares sank 5.1% in after-hours trading, and the broader market is setting up for a rough Thursday, with index futures pointing to negative starts for the Dow, S&P and Nasdaq. If the market indicators hold through the opening bell, the averages are likely to re-test October's lows on Thursday.