Reply #32: 3:45 update [View All]

[54anickel]

Dow 10,436.73 -36.11 (-0.34%)
Nasdaq 2,033.77 -16.00 (-0.78%)
S&P 500 1,134.33 -6.27 (-0.55%)
10-yr Bond 4.433% -0.019
30-yr Bond 5.223% -0.024

NYSE Volume 1,157,565,000
Nasdaq Volume 1,551,450,000

3:30PM: Having set new session lows in the last half an hour, the major averages continue to vacillate near their respective session lows, with the Nasdaq underperforming its blue-chip counterparts on a relative basis... The major averages' totals are little changed for the session, which is in tune with the range-bound trade seen through most of the year thus far... Although many participants were looking for an earnings rally during the Q1 earnings season, buying efforts have been dampened by concerns over rising interest rates... Earnings reports, in the meantime, have been quite strong...
After the market closes, look for earnings from EDS, PHM, SLAB, and VRST... Tomorrow morning, reporters of note include AGR.A, BJS, BP, DD, JNY, LMT, QLTI, RJR, X, and VZ...NYSE Adv/Dec 1237/2054, Nasdaq Adv/Dec 1249/1880

3:00PM: The major averages have stabilized near their respective session lows, which is to say in negative territory... In the commodities market, prices of crude oil and gold are little changed, with the price of gold up $0.90 at $396.60/oz and the price of crude oil up $0.49 at $36.95/bbl... Note that the oil services and gold sectors are among today's leaders to the upside, the the latter higher on the heels of an upgrade from Goldman Sachs... Separately, the euro is slightly lower versus the dollar...

The G7/World Bank meeting, which took place over the weekend, drew little attention from the trading community...NYSE Adv/Dec 1240/2038, Nasdaq Adv/Dec 1290/1822