Market BOOM-box 02/27/06
Bloggers Apache Tomcat frontend was down, and for very good reason... just in time for the March 3rd seven year anniversary of the dot com implosion...
TUE, off a cliff, DJIA -416 on high volume with fugly internals.
All DOWN BIG +3%. Bonds UP BIG 10 yr yield - 12 bps 4.51, $ crushed vs 117.875y & vs 1.3238E, WTI crude down 1% $60.78, gold down 3% $669.80, XAU pancaked -6.65%.
"Be on the look out, two days closing under 1445 accompanied by further NDX, NAZ, OEX & AMEX Major slippage, along with a significant breakdown in the MID & RUT would signify a change in market sentiment and direction."
And how, the largest single day drop since 2002. An all time high 12795 on 2/20 closing, 12632 to close yesterday, hitting 12488 in the 1st hour today, a 144 pt opening hour drop, and that was just the signal.
The real shock was at 2:59PM EST after drifting down another 145 pts, when the DJIA dropped from 12343 to 12089, plunging 254 pts in under 3 minutes on volume of 46 Million shares, 38 Million shares in the 1st minute alone.
A late day dead cat bounce on computer trading lessened the carnage from 543 points intraday and 706 since the peak on 2/20. The SP500 caught the rope at 1389 after falling 60 points and bounced to 1400.
The RUT dropped from yesterdays 829 open to 790 intraday, almost 40 points or 4.8%. Today the VIX spiked from this mornings opening 11 to 19 by 3PM EST.
Tomorrow, a bounce? Watch after market volume, the Asian & European markets overnight for indications. We sense SP500 1410 is now resistence and 1370 is in sight and 1325 may be here sooner than we think.
TUE, off a cliff, DJIA -416 on high volume with fugly internals.
All DOWN BIG +3%. Bonds UP BIG 10 yr yield - 12 bps 4.51, $ crushed vs 117.875y & vs 1.3238E, WTI crude down 1% $60.78, gold down 3% $669.80, XAU pancaked -6.65%.
"Be on the look out, two days closing under 1445 accompanied by further NDX, NAZ, OEX & AMEX Major slippage, along with a significant breakdown in the MID & RUT would signify a change in market sentiment and direction."
And how, the largest single day drop since 2002. An all time high 12795 on 2/20 closing, 12632 to close yesterday, hitting 12488 in the 1st hour today, a 144 pt opening hour drop, and that was just the signal.
The real shock was at 2:59PM EST after drifting down another 145 pts, when the DJIA dropped from 12343 to 12089, plunging 254 pts in under 3 minutes on volume of 46 Million shares, 38 Million shares in the 1st minute alone.
A late day dead cat bounce on computer trading lessened the carnage from 543 points intraday and 706 since the peak on 2/20. The SP500 caught the rope at 1389 after falling 60 points and bounced to 1400.
The RUT dropped from yesterdays 829 open to 790 intraday, almost 40 points or 4.8%. Today the VIX spiked from this mornings opening 11 to 19 by 3PM EST.
Tomorrow, a bounce? Watch after market volume, the Asian & European markets overnight for indications. We sense SP500 1410 is now resistence and 1370 is in sight and 1325 may be here sooner than we think.
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