Reply #38: Closing numbers and blather [View All]

[54anickel]

Dow 10,609.62 -9.41 (-0.09%)
Nasdaq 2,007.52 -30.41 (-1.49%)
S&P 500 1,140.99 -3.12 (-0.27%)
30-yr Bond 4.917% -0.036

Close: The market spent the bulk of the session in negative territory, with the blue-chip averages showing moderate losses and the Nasdaq spearheading the decline and closing more than 1.5% lower for the session... Notably, after closing below its 50-day simple moving average last Friday, the Nasdaq continued to struggle with the technically-significant level in today's session...

The tech-composite's inability to lift above its 50-day simple moving average (at 2043) and its retreat into losing territory for the year, as well as below the psychologically-significant 2000 mark on several occasions throughout the session, limited the Nasdaq's and the blue-chip averages' upside potential, resulting in the fourth consecutive down session for the major indices... Leadership to the upside was difficult to come by, while laggards of note included the hardware, internet, networking, software, semiconductor, electronic manufacturing services, storage, aerospace/defense, gold, broadcasting & TV, broker/dealer, transportation and airline sectors...

Overall, today's action was a continuation of the whipsaw-like trade seen through the bulk of the past month and which Briefing.com expects to continue (please see The Big Picture column for more details)... Accordingly, long-term investors should maintain exposure to the stock market, but practice a cautious, conservative investment approach... Elsewhere, the bond market closed the session higher, with the 10-year note up +14/32, bringing its yield down to 4.04%...