Tuesday, April 12, 2005

From Briefing.com

The market averages opened on a bearish note and extended the slide into midmorning before stabilizing slightly above the lows over the last two hours. Today's breakdown saw the Russell 2000 move to a new low for the year, with the Dow and Nasdaq Comp holding just above their 2005 intraday lows at 10356 and 1968, respectively. The S&P 500 continues to outperform slightly on a relative basis with it still 0.7% (7.72 points) above the 2005 trough at today's low. The broad based decline has come amid slightly heavier volume with 839 mln shares changing hands at the Nasdaq while 635 mln have been exchanged at the NYSE. The weakest groups today include: Oil Service -2.2%, Airline -2.1%, Defense -2%, Steel -1.95, Chemical -1.8%, Disk Drive -1.7%, Gold -1.6%, Natural Gas -1.6%, Semi -1.6%, Oil -1.5%, Broker/Dealer -1.2%.

2 comments:

Anonymous said...

How about today's rebounce?

means the market will touch the bottom, or just some technical rebounce? or many guys hold the money waiting for the chance?

UCLATRADER said...

It is too early to tell if this is a meaningful bottom. However, I am impressed by its volume and encouraged by its short-term outlook.