Noted support for the Nasdaq Comp at 2130/2120 (session low 2122), 10680/10665 Dow (session low 10660) in The Technical Take and the 1164/1163 area for the S&P in the 11:34 update (session low 1163). We have seen the steady breakdown today pause as we head into midday but it takes sustained follow through above 2138/2140 and 2150/2155 Nasdaq, 1177/1178, 1184 S&P and 10780/10790, 10825/10835 Dow to begin to improve the very short term pattern.
The Nasdaq is up 0.02% to 2180, the S&P is down 0.10% to 1191, and the Dow is down 0.16% to 10900. Leading sectors include: Diversified Banks +8.3%, Industrial REITs +7.2%, Specialty REITs +4.5%, Retail REITs +4.5%, and Retail REITs +4.4%. Lagging sectors include: Multi-line Insurance -11.3%, Independent Power Producers and Energy Traders -9.3%, Managed Healthcare -5.6%, Aluminum -4.4%, and Research & Consulting Services -3.8%. The morning action has come on above average volume (NYSE 843 mln, vs midday avg at 492 mln; NASDAQ 1.378 bln, vs 865 mln avg), decliners outpacing advancers (NYSE advancers/decliners 862/1777, NASDAQ advancers/decliners 1226/1561), and with new lows outpacing new highs (NYSE new highs/new lows 5/699, Nasdaq new highs/new lows 6/220).
The Dow increased 1.46% closing at 11434, the Nasdaq was up 1.32% to finish at 2258, and the S&P was up 1.38% to finish at 1249. Leading sectors included: Oil and Gas Refining +8.3%, Thrifts and Mortgage +8.3%, Auto Manu +7.4%, Railroads +6.5%, Real Estate Services +5.7%. Lagging sectors included: Investment Banking and Brokerage -4.6%, Independent Power Produers and nergy Traders -2.3%, IT Consulting and Services -2.0%, Diversified Metals and Mining -1.5%, Gold -1.1%. Today's movement came from higher than avg. volume (NYSE 1371, vs. closing avg of 1315; Nasdaq 2326, vs. 2157), with advancers outpacing decliners on the NYSE and decliners outpacing advancers on the Nasdaq (NYSE 1684/1462; Nasdaq 1241/1558), and with new lows outpacing new highs (NYSE 26/458, Nasdaq 31/273).
SMF Traders Market Internals
The Dow was down 2.43% at 11231, the Nasdaq was down 2.64% at 2210, and the S&P was down 3.41% to close at 1225. Leading sectors included Soft Drinks +0.88%, Motorcycle Manu +0.64%, Distillers and Vintners +0.44%; Biotech +0.32%; Food Retail +0.31%. Lagging sectors included Multi-line Insurance -13.1%; Steel -11.6%, Tires and Rubber -11.6%, Oil and Gas Refining -10.7%, Coal and Consumable Fuels -10.5%. Today's movement came from higher than avg volume (NYSE 1416 vs. 1310 avg, Nasdaq 2638, vs. 2152 avg), with decliners outpacing advancers (NYSE advance/decline 383/2797, Nasdaq 540/2277) with new lows outpacing new highs (NYSE new high/new low 46/357 Nasdaq 57/220).
SP500/NYSE
Stats: +25.48 points (+2.05%) to close at 1267.69 NYSE Volume: 1.769B (+47.45%). Strong volume on the gain but a lot of this was attributed to the FRE/FNM selling. Definitely some accumulation in limited areas but not across the board.
Up Volume: 1.082B (+367.525M)
Down Volume: 684.241M (+206.185M)
A/D and Hi/Lo: Advancers led 1.81 to 1. So-so.
Previous Session: Advancers led 1.01 to 1
New Highs: 58 (+39)
New Lows: 142 (-159)
NASDAQ
Stats: +13.88 points (+0.62%) to close at 2269.76
Volume: 2.6B (+14.9%). Big volume, the best since the July low and reversal, but not the kind of strong upside volume that shows accumulation.
Up Volume: 1.24B (+159.626M)
Down Volume: 1.334B (+163.41M)
A/D and Hi/Lo: Advancers led 1.54 to 1
Previous Session: Decliners led 1.18 to 1
New Highs: 76 (+48)
New Lows: 142 (-36)
Stats: +289.78 points (+2.58%) to close at 11510.74
VOLUME: 272B shares Monday versus 198M shares Friday versus 229M shares Thursday. High volume selling, low volume bounce, higher volume bounce (fed assisted).