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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Posted by Blain Reinkensmeyer on January 4, 2008 at 11:20 am --
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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!
liking.. not linking.. well linking on my end.. sigh..
QID looks nice right now. I am hoping we get a rally back towards 2600 then I am shorting.
Going below 13000 is a huge psychological shift, and these sell offs are becoming more common on fridays.
what a horrible first week of 2008
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.
I hate Fridays
All my stocks were down and i don’t have a penny to average down any of them… life sucks sometimes!
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.
I’d agree that it was ugly, but my portfolio was 90% puts. So yeah… it wasn’t THAT horrible…