3:37PM Afternoon Wrap: Choppy trade gives way, averages attempt to stabilize near support : -Technical- Choppy action persisted into the afternoon but the market rolled over this afternoon with Internet -1.3%, Retail -1.2%, Networking -1.2%, Disk Drive -1.1%, Casino -1.1%, Biotech -0.8% Defense -0.8% and Semi -0.7% weighing. The Dow is currently attempting to stabilize near its 200 day sma at 10541 while the S&P 500 inches off the low after approaching its 50 day sma of 1225.70 (session low 1226.16).
*And it did, because BLACK BOXES are set to 200 SMA, if the boxes get overwhelmed then they sell the 200 SMA.
They say it was oil prices caused selling? did they poll the millions who invest?
BIDU gets downgraded and gets slammed for $30, Matt points out by same firm took them public! NOT to be fooled with long or short.
Will Cramer hype GOOG to $350 again tonight?
Are we sitting in some kind of sweet or wet spot?
Gold WANTING to break out NEM soared today, yet silver again not moving with it. sniffing inflation YES, butI wonder if it then looks beyond that at historic debt picture.
Saying Katrina is the 2006 catalyst to a great year is a sad opinion indeed.
42 NEW LOWS today, only 88 new highs. If new lows begin increasing VIX should rise, it was above 20 EMA today.
D
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