The Cyclicals Continue to Plunge

The trading day is still young but the markets are heading lower and once again, it’s the cyclicals doing most of the damage. The Cyclical Index (^CYC) is currently off -1.29% (it had been more) while the S&P 500 is down -0.56%. The energy stocks seem to be getting hurt the most. Many consumer staples, like Reynolds American (RAI), are actually up on the day.
I’m very happy to see that Nicholas Financial (NICK) is now over $9 a share. Gilead Sciences (GILD) continues to fall and the stock has made another fresh 52-week low. As I’ve said before, trends can last much longer than you thought possible. Remember, it was only a little over one year ago that NICK was going for $1.80 a share (pre-split).

Posted by on May 5th, 2010 at 10:16 am


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