Hard Market Sell Off in Afternoon Trade
Posted on Wed 7th May, 2008 04:57:38 PM
The market action today was pretty ugly as the indices across the board ended the day well in the red.
The NASDAQ and S&P 500 both finished down about 1.8% on heavier volume, closing near their intraday lows.
The headlines read that the market sold off because Oil hit a record high of nearly $124 per barrel, but that is hard to believe. Oil all this week has been jumping in price, so why didn’t bears take control on Monday or Tuesday?
Here is a daily look at the NASDAQ below. Personally I am unsure what to make of this movement. Should be an interesting session tomorrow.
Sean Hannon’s weekly market commentary is coming up next. See you then.
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