News
November 20, 2008
S&P at lowest level since 1997
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The S&P 500 has now broken down below the 2002 lows and is trading under 760. The VIX, meanwhile, is headed for a record-high close.
Options bearish on Hewlett-Packard
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Shares are holding the gap that began with Tuesday's open after the company pre-announced positive results, but put action doesn't reflect that confidence.
Why technology is key to the S&P
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Technology now has the highest weight of any sector in the index at 18.98 percent, giving the XLK exchange traded fund broad impact.
Auto package reversal dampens indexes
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It has been a tumultuous lunch hour as an automaker aid package was initially reported but then apparently delayed until mid-December.
Car industry pact has maximum impact
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News at market lows is always so toxic that it appears there may never be anything positive reported again--which is precisely when good things can happen.
Will Buffett lose his title as richest man?
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He may still be the Oracle of Omaha, but Buffet has seen the stock price of his Berkhire Hathaway fall 50 percent in just two months.
Enormous volume in session's first hour
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We are already close to where we would normally expect to be at around 2 p.m. in most sessions. This could be one of two things.
Amazon completes bearish pattern
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AMZN trades near $35 briefly before bouncing, completing a pattern charted earlier at that price level based on a bearish trend.
Tiffany sees bullish put activity
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While puts were used in this trade, it appears to be a bullish credit spread even though the company's shares have fallen to their lowest level since 1999.
Vampires might help Hot Topic
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Pali Research says the "Twilight" vampire movie license may not be exclusive, but it could provide an ongoing merchandise catalyst and an opportunity to reclaim the mainstream kid.
Some stocks that could move markets
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Citigroup gets a boost from Saudi Arabia's Prince Alwaleed Bin Talal, while PepsiCo and Humana reaffirm their earnings forecasts.
Major index and ETF levels to watch
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We have now broken down through the lows of last week to fresh lows for the year, confirming the new downtrend developing this week as discussed earlier.
Markets weak in Asia, Europe
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What is interesting this morning is that these down markets are not pressuring U.S. futures as much as might be expected.
S&P 500 at lowest level since March 2003
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Trading yesterday brought the SPX to new five-year closing and intraday lows. The 2002 lows of 768 are now well within sight.
November 19, 2008
Merrill Lynch sees heavy put action
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MER is down more than 14 percent, falling below $10 for the first time since 1995, and options traders appear to be betting that it will go even lower.
Fed talk on job numbers spooks market
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The revelations from the FOMC minutes seem to have pushed the indexes down toward their lows of the day once again.
