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Could Have Been Worse
Posted on 08/23/2006 00:00 AM | Link | Post Comment
The selloff today was really not that bad. The market bounced back a bit in the last half hour of trading to trim its losses. Also, the SPX was able to hold the 1290 level and close at 1293.
Moreover, volume was so low today that I don't think there is much of a takeaway from the action. NYSE volume didn't even reach 1 billion shares. I think that is the lowest volume this year for a non-holiday trading session.
Big-caps outperformed on a relative basis, with small-caps declining -1.3%. Energy stocks were hit hardest (-2.1%), followed by housing (-1.5%). The DRG (big pharma) was the only sector that finished positive on the day, although there were select stocks in other sectors that bucked the weakness.
Is it time for the weekend yet?
Moreover, volume was so low today that I don't think there is much of a takeaway from the action. NYSE volume didn't even reach 1 billion shares. I think that is the lowest volume this year for a non-holiday trading session.
Big-caps outperformed on a relative basis, with small-caps declining -1.3%. Energy stocks were hit hardest (-2.1%), followed by housing (-1.5%). The DRG (big pharma) was the only sector that finished positive on the day, although there were select stocks in other sectors that bucked the weakness.
Is it time for the weekend yet?
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