Market Falls in Final 30 Minutes of Trading

DJIA - 189.01, -2.00% SP500 - 11.29, -1.13% NASDAQ Comp. - 14.55, -0.83% Russell 2000 - 12.38, -2.21% Exchange NYSE NASD Advancing 827 841 Declining 2,701 2,163 Oil $88.95 -$1.11 Gold $906.50 +$24.50 $SOX 256.17 -1.79 Strongest Sectors: XLB +3.23%...XLE +1.89%...XLK -0.90% Weakest Sectors: XLF -4.02%...XLP -2.73%...XLY -1.95% Sector Watch Up Trending: Sideways: XLF, XLP Down Trending: XLY, XLV, XLI, XLE, XLU, XLB, XLK The DJIA managed to get into positive territory four different times on Wednesday, only to see a major sell-off over 300 points during the last half hour of trading. The trend continues to be down. For traders looking for or expecting a bottom to occur, downward momentum was much slower today than the prior four trading days. Remember for momentum to change it must first slow down in the direction it has been moving. Also advancing issues increased and declining issues decreased. There were two sectors today with a positive return. Gold rose again and gold stocks and gold ETF GDX participated in the rally on Wednesday. Oil fell to a new low since its July high. Index Commentary The DJIA, SPX, Nasdaq and RUT all formed lower highs and lower lows reaching a new 52-week closing low for each index. The DJIA, SPX and Nasdaq all reached new lows for the past five years. Only the RUT is above its 5-year low. The DJIA, SPX and RUT formed spinning tops. The Nasdaq formed an inverted hammer. Wednesday’s Action Moving Up: POT, MON, PCLN, AEM, CF, MA, GDX, ANR, CNX, X, MOS, SCHN, NUE, IPI, MEE, AMZN, LDK, CLF, LAMR, V, ONXX, Moving Down: DECK, SOHU, BUCY, GRMN, GS, PNRA, ZION, NIHD, BIDU, INFY, DRYS, MS, LCC, HANS, KBE, RF, KRE Intermediate Term Market Trend: Down Short Term Market Trend: Down