Market Wrap
Another day, another lousy market day. This is becoming a bit of a regular occurrence.
Indices came up off their worst levels in the final hour, but the action was still pretty poor on the day, with the Transports getting hit the hardest:
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Treasuries were generally higher, pushing yields lower:
6-month: 0.27% 2-yr: 0.74% 5-yr: 1.45% 10-yr: 2.31% 30-yr: 2.99%.
Internals stayed deep in the red, with volume higher on the NYSE but lower on the Nasdaq. Advances/declines were 1 to 3 on both exchanges, with up/down volume 1 to 9 on the NYSE and 1 to 7 on the Nasdaq. New highs/lows were 3/19 on the NYSE and 3/29 on the Nasdaq.
The action in the groups was pretty gross: metals and mining (-9.7%), steel (-8.7%), gold/silver (-6.6%), REITs (-6.1%), banks (-6.1%), oil services (-5.0%), homebuilders (-4.9%)… you get the idea.
Energy prices were mostly lower. Crude oil slid back down to $37.59/barrel and gasoline lost a couple of cents to $1.09/gallon, but natural gas was near flat at $5.54/mmBTU. The dollar bounce continues with the dollar index back up to igher, to 83.10. Gold got smashed back down to $820/ounce and silver dove to $10.61/ounce.
BMB Note: Not much to see here folks. Things are looking like they’re slip-slidin’ away again. And then we’ll be up 300 points tomorrow…or we start falling through support levels.
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