Morning Stock Report, March 17 2008
Heading into the open the NASDAQ and S&P 500 are both down 2.3%, and are set to open at fresh 52 week lows. (9:31 AM Update: The NASDAQ opened down 2% and the S&P 500 opened down 1.6%)
This comes at a time when Bear Stearns was bought for $2 a share by JP Morgan and the Feds have done another emergency rate cut, but only for a quarter point.
GLD was trading as high as $101.17 this morning but now is trading back under $99. Gold stocks have reversed off pre-market highs because of it, with stocks like GG and GOLD both set to open down roughly 1.7%.
Internet stocks Google (GOOG) and Baidu.com (BIDU) are down 2.5% and 4.5%, respectively. And in the alernative energy department once leader First Solar (FSLR) is down 5.3% in pre trading.
Even Fertilizers are getting hit in pre-market trading with leader POT down 3.3%, CF down 2.4%, and MOS trading down 3.6%. As I said last night I would be watching the above industry groups closely this week.
I was 100% cash at the close Friday, and it feels even better right now in pre-market trading. If you haven’t read my 3 tips for this week, I would do so now. They haven’t changed in three weeks, and I would imagine they are going to stay relevant for some time moving forward.
Market is set to open in 4 minutes. Good luck out there.
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After opening down nearly 200 points in a doomsday-type environment, we actually just hit positive territory (now about even)! This is tremendous news and really shows the power of the Fed in influencing trading action. Surely there were some other factors at play, but seeing the market bounce off the lows is a great thing to see