It's been a while since I wrote about "one of *those* days". Today certainly qualifies with every sector down and the Nasdaq & S&P 500 down nearly 3%. And things got worse after-hours on earnings from CSCO and AIG. But the real fugliness continues to be in the banking sector. If you told me a year ago that the market would be hovering near all-time highs while the banks got throttled like they have I wouldn't believe you. The BKX dropped to a 3+ year low today and is now 24% off of its 2007 (and all-time) high:
We finally got that lower low on the S&P. That new low clearly defines a downward sloping channel. We all know what to do with that, right?
The Naz broke its August trendline today but it's still above pretty good supparound 2700 - 2710.
Some downgrades today...
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Up | Lat(-) | Down |
| Intermediate | Up | Down(-) | Down(-) |
| Short-term | Down(-) | Down(-) | Down |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
Thanks for the recap, Mike.