Market Sell Off Ensues, Techs Lead Losses

As of 2:19 PM EST The NASDAQ Composite is down 3.06%, the DOW is down 1.3% and the S&P 500 is down 1.28%. You figure out pretty quickly based on the NASDAQ being down substantially more than the two other major indices that Technology is the sore loser today.

Taking a quick peak at some of those losers we have thus far Google (GOOG) is down 44 points or 6% trading just below $690, Apple (APPL) is down 14 points or 7.5%, Baidu.com (BIDU) is down 43 points or 11%, Research in Motion (RIMM) is down 12.5 trading just above $120 down 9.6%. The fun fact here, all four of the stocks are leaders in this market, hmm...

The Proshares Ultrashort QQQQ (QID) is up over 8% thus far today which should make any investor who said yesterday's sell off was a sign to bail out happy. The QID is an exchange traded fund that performs at double the inverse of the NASDAQ 100.

Vonage (VG) is holding its own today up 8.6% right now trading at just under $2.40 with its high on the day today being $2.70. The VOIP provider settled its lawsuit with AT&T today for $39 million total.

Market Snapshot, the NASDAQ Composite:

The read of the day, Cash is King.

Comments

  1. Posted by Jorge on November 8, 2007 at 3:41 pm

    If you think that's bad, post a chart of EMC over the past 10 days. 25% loss with no real reason. That hurts just as bad!

  2. Posted by Blain Reinkensmeyer on November 8, 2007 at 2:53 pm

    Wow ya know to be honest I completely forgot about EMC, what a nasty sell off. The stock is down another 10% today too on nearly 80 million shares traded, yuck :shock:.

  3. Posted by Jorge on November 8, 2007 at 3:11 pm

    Oh yeah... a downgrade and an acquisition from Dell has put the hurt in EMC and VMWare. I'd be tempted to buy here at $20 due to sheer overselling but I'm not sure. My confidence has definitely been rattled hard the last few days. 90% cash proves it I guess hah.

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  1. [...] today the market as a whole was bleeding substantially lead by the Technology sector. The NASDAQ was down over 3% during the day but in the last hour all [...]