Markets Fall to New Lows

DJIA - 678.91, -7.33% SP500 - 75.02, -7.62% NASDAQ Comp. - 95.21, -5.47% Russell 2000 - 47.37, -8.67% Exchange NYSE NASD Advancing 300 471 Declining 3,217 2,513 Oil $86.59 -$2.36 Gold $886.50 -$20.00 $SOX 248.43 -7.74 Strongest Sectors: XLK -3.32%...XLI -5.70%...XLP -6.02% Weakest Sectors: XLE -14.40%...XLF -10.41%...XLV -7.68% Sector Watch Up Trending: Sideways: Down Trending: XLP, XLF, XLY, XLV, XLI, XLE, XLU, XLB, XLK The DJIA was up Thursday morning before pulling back into negative territory and trading sideways until about 3 pm. Once again selling came in during the last hour that drove the DJIA down another 400 points. The trend continues to be down. Down ward momentum increased again on Thursday and the DJIA closed down for the seventh consecutive day. The month of October has already seen a record trading range of 2,303 points and this is only October 9. Gold fell as did gold stocks. Oil fell to a new multi-month low and Energy, XLE, was the weakest sector falling more than 14%. All nine sectors moved lower on Thursday and Financials, XLF, fell over 10%. All nine sectors are now in an intermediate term down trend. Index Commentary The DJIA, SPX, Nasdaq and RUT all formed large black candles with a lower high and a lower low reaching a new 52-week closing low. The DJIA, SPX and Nasdaq all reached new lows for the past five years. The RUT broke through a 5 year support and hit a new 5-year low. The DJIA, SPX and RUT spinning tops failed to confirm on Thursday and the Nasdaq’s inverted hammer also failed to confirm. Thursday’s Action Moving Up: MOS Moving Down: STRA, GS, MA, FSLR, X, BIDU, POT, AMZN, ANR, PCLN, MS, ESRX, KRE, ZION, MER, CLF, HANS, KBE, CNX, MEE, NUE, V, SOHU, KMT, ONXX, BTU, MON, AEM, SCHN, GDX, NDAQ, DRYS, NIHD, LAMR, CF, DECK, COH, EBAY, FMCN, LDK, RF, PNRA, EXPE Intermediate Term Market Trend: Down Short Term Market Trend: Down