Posted by Blain 4 January 2008

Market Getting Pounded, Nasdaq down 3%

Intraday low for the NASDAQ Composite thus far is 2,523.08 which is well below any support levels. Free falling is the best way to describe what I am seeing on my screens right now.

There should be a rally in place since it is just after 11 AM but we will see. Some stocks just taking a beating thus far today:

  • Google, GOOG down 2.56% to $667.64
  • Apple, AAPL down 3.24% to $188.87
  • Potash, POT down 4% to $141.00
  • Baidu.com, BIDU down 3.62% to $362.03
  • First Solar, FSLR down 3.7% to $256.16
  • Research in Motion, RIMM down 5.74% to $106.24

And really the list goes on, the financials are getting hit pretty hard right now as well.

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Comments

  1. Posted by Jorge on January 4, 2008 at 11:26 am

    I don't think the markets can really rally in this environment. Breadth is beyond horrible at this point, in some cases decliners leading advancers almost 11 to 1. It's a bloodbath out there... and I'm linking it! :twisted:

  2. Posted by Jorge on January 4, 2008 at 11:32 am

    liking.. not linking.. well linking on my end.. sigh..

  3. Posted by Blain Reinkensmeyer on January 4, 2008 at 11:51 am

    QID looks nice right now. I am hoping we get a rally back towards 2600 then I am shorting.

  4. Posted by Webomatica on January 4, 2008 at 11:55 am

    Going below 13000 is a huge psychological shift, and these sell offs are becoming more common on fridays.

  5. Posted by thewild1 on January 4, 2008 at 4:20 pm

    what a horrible first week of 2008

  6. Posted by Bryan on January 4, 2008 at 5:14 pm

    An article from Bespoke claimed the NAZ formed a head and shoulders and may be retesting August lows. Definitely not a great week for the bulls to start out 08.

  7. Posted by The Financial Blogger on January 4, 2008 at 6:14 pm

    I hate Fridays ;-)
    All my stocks were down and i don't have a penny to average down any of them... life sucks sometimes!

  8. Posted by Aaron on January 5, 2008 at 4:59 pm

    How ugly was that? Goodness. That is quite possibly the ugliest day I've seen in the past year or two. 93% of the volume to the downside on both the NYSE and the Nasdaq. Tech stocks were crushed.

  9. Posted by Jorge on January 5, 2008 at 7:13 pm

    I'd agree that it was ugly, but my portfolio was 90% puts. So yeah... it wasn't THAT horrible... :lol: