Market Wrap
Things started quietly, but weakened as the day went on. The selling accelerated in the final hour with Dow hitting a low of -297 before a bounce back up into the close.
Most of the indices got hit — only the Utilities managed to stay above the surface:
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Long bonds moved still higher, jamming yields down even further:
6-month: 0.15% 2-yr: 0.67% 5-yr: 1.24% 10-yr: 2.05% 30-yr: 2.53%.
Internals turned negative, with volume near yesterday’s levels. Advances/declines were 5 to 7 on the NYSE and 3 to 5 on the Nasdaq, with up/down volume about 1 to 3 on both exchanges. New highs/lows were 5/31 on the NYSE and 8/66 on the Nasdaq.
Most groups were red, with a number of commodity areas returning to the top of the list: oil services (-9.9%), steel stocks (-8.7%), REITs (-8.1%), gold and silver stocks (-7.4%), metals and mining (-6.8%), paper (-5.6%) and semiconductors (-5.5%). Hospitals (+2.9%), HMOs (+2.9%), airlines (+1.5%) and utilities (+1.0%) led a short list of winners.
Energy prices took another slide, with crude oil hitting new lows at $36.22/barrel, gasoline back below a buck at $0.97/gallon, and natural gas down to $5.55/mmBTU. The dollar bounced back up midday to 79.57. The precious metals pulled back, with gold falling to $854/ounce and silver to $10.95/ounce.
BMB Note: Not very impressive. As I said yesterday, this market has to do more to convince me that things are going higher. Today was not really what I had in mind.
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