WALL STREET PROFIT NEWS
Financial News and Editorial Source.
Stocks extend their losses into the close, marking the DJIA's 2nd worst one-day loss of 2008. The DJIA drops -315.79 points, testing the lower limits of the bearish wedge technicians have been watching closely. Meanwhile, the Transports (TRAN) sheds 2.68% or -125.41 points, closing down to 4550.58. If you recall, we made a call for the transports to fail their 200-day ema which they did and today the index broke below their 50-ema of 4621.70, resuming the down trend of their "death cross." As we stated many times before, watch the Tranis, for they are the blood-pressure gage of the economy. The real nail in the coffin in this failed recent rally attempt or head fake came at the S&P 500, clearly failing its own bearish wedge. As for the NASDAQ (NCOMP), it trades to down to 09/2006 levels, effectively wiping away 1.5-years of gains to date.
To give you an idea of the negative economic and financial news, some of today's leading headlines include:
* Stocks Fall Sharply on Earnings, Oil Prices
* US Stocks Plunge on Inflation Worries
* US Spending UP, But Prices Rise Too
* Moody's Say Ambac Capital Below Target
* Assured Guaranty Jumps on Ross Investment
* AIG Shares Drop; Housing Market Hurts
* Auto Makers Scale Back Production on Strikes
* Warren Buffet Releases His Annual Letter to Shareholders
|
Market
Indices |
Start
Week
|
Ended
Week
|
Weekly
Change
|
% Weeks
Change
|
%
Change
|
% Off
Highs
|
%
Lows
|
|
|
DJIA |
12381.02
|
12266.39
|
-114.63 |
-0.9 % |
-7.5 % |
-18.1% |
5.4%
|
|
|
Nasdaq
|
2303.35
|
2271.48
|
-31.87 |
-1.4 % |
-14.4 % |
-23.0% |
3.1%
|
|
|
S&P 500 |
1353.11
|
1330.63
|
-22.48 |
-1.7 % |
-9.4 % |
-19.4% |
4.8
|
|
|
Russell
2000 |
695.43
|
686.18
|
-9.25 |
-1.3 % |
-10.4 % |
-26.0% |
7.7%
|
|