Dow and S&P break four-month lows. It ain't pretty on Wall Street

[Roland99]

Dow 12,589.07 -238.42
Nasdaq 2,440.51 -58.95
S&P 500 1,390.18 -26.00
10 YR 3.84% 0.00
Oil $96.33 $1.24
Gold $880.30 $18.30

DJIA and S&P four-month lows obliterated.

Just might start getting really ugly now.



http://www.marketwatch.com/news/story/sp-dow-stand-treacherously-close/story.aspx?guid=%7BE4CA1715%2D159D%2D42B3%2DBD29%2DD8041AEEC5FF%7D

Meanwhile, the Dow Jones Industrial Average is also on shaky footing, but the blue-chip barometer hasn't yet broken down completely.

With last week's losses, the Dow sold off from a three-month downtrend, violating its major moving averages.

Again, the Dow bottomed Monday at 12,733 -- just 10 points under major support -- before recovering, rising modestly to close at 12,827.

A decisive break under the 12,743 November closing low would likely signal a primary trendshift.

[catmandu57]

1. I've been waiting for a ppt rally for days now

Usually after a big sell off there is a big rally the next day, not this time. I think the guys are rallied out and the big fall has started.

[Zywiec]

2. Are you a day trader? n/t

[Roland99]

3. Nope...no way.

but tomorrow morning might be a fun one if I was. ;)

[Double T]

4. Fed cuts will drive the US Dollar lower which will further fuel inflation.........

and choke the beleaguered consumer.

[lvx35]

5. Its an ugly spot, I wonder how much it was set by the unemployment figures.

In December I saw Jim Cramer on Glen Beck. He said thing were rosy, but Glen Beck kept prodding him to say what he said "off the air". Cramer wouldn't (it was a subtle exchange) but he said if we wanted him to say gloom and doom, watch the unemployment figures. If those went up, he'd join the doomers.

It was a hell of a thing for upbeat Cramer to say, as Cramer religiously tries to encourage market confidence. But you could tell he had said something off the air he wouldn't repeat...And by saying openly that if unemployment goes up we are in trouble, you could tell the consequences had to be really serious.

[onethatcares]

6. well the chimpenfuehrer said he had mixed signals

about the economy, and he said the same fukking thing about Iran, did he get his speechifying confused or sumpin?

[pa28]

7. Interesting stuff for chart lovers like me.

No support until 12,000 (unless Bernanke comes out of the woodwork again for more cheerleading).

[Brother_1969]

8. Can you say DEPRESSION?

With millions losing their homes and jobs, unable to afford health care, standing in soup lines, all economic measures (dollar, gold, stock market) crashing, droughts leading to dust bowls, etc. ... This is looking a lot like 1930.