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Thursday, July 26, 2007

DOW: Opening Below Support, 50 day EMA Next?


Ben Bittrolff said...

11:30 am : Stocks have taken a turn for the worse over the last 30 minutes, so much so that trading curbs on the NYSE have been triggered. Due in part to a sharp reversal in IBM (IBM 117.76 -0.34) and further deterioration in Exxon Mobil (88.26 -4.53), which is now down nearly 5%, the Dow has recently broken through its 50-day moving average (13589).

The Energy sector is now down more than 3% and Technology (-0.9%) is no longer showing signs of a turnaround anytime soon. The bloodletting in Financials (-2.7%), though, is really dragging down the market as investors continue to reprice risk due to growing concerns about mortgage lending and corporate borrowing. DJ30 -202.29 NASDAQ -44.61 SP500 -27.90 NASDAQ Dec/Adv/Vol 2362/501/1.03 bln NYSE Dec/Adv/Vol 2884/329/718 mln

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