Friday, July 07, 2006

Stock Market Has Turned South

The stock market has turned south at the opened and continues its trend in the morning. This is the reverse from the strong uptrend indicator given around 8:35 am EST. Initially traders were bullish because the job market has created less jobs than anticipated, but the wage indicator has been reported higher than expected, 0.5% vs estimate of 0.3%.

This wage number has hammered the market because of FED hike fear which dragged the market down since May. The breath of the market is very negative right now. Hold off your buying for now.

Big movers for the day:
Up: (not many)
(TIBX)
(RSH)

Down: (much long list than up)
(MSTR)
(BOBJ)
(HORC)
(WEBM)
(TOMO)
(MMM)

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