Hold On!

This is turning into a rout!
I guess yesterday was just a brief rest. The Dow (^DJI) is down over 200 points today. H-P is the only Dow component that’s up. The S&P 500 (^SPX) is down 20 points (more than 1.5%).
The Dow Oil & Gas Index (^DJUSEN) is down over 3%. (Again.) I’ll give one to the technical analysts crowd. That index did not like the number 500. The index closed at 500.50 on April 21. Then it finished at 499.27 on May 2, and 499.21 on May 10. Now, it’s at 455.
The cyclicals are getting creamed (largely materials and energy), but the techs are holding up surprisingly well (meaning, they’re not down as much). The Nasdaq Composite (^IXIC) is off by 1.3%
The Buy List is taking the damage well. In fact, stocks like FactSet (FDS), Sysco (SYY) and Medtronic (MDT) are trading higher. We could wind up outperfoming the market by 40 basis points today.

Posted by on May 17th, 2006 at 1:34 pm


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