The Market Today

Until today, Abbott Labs (ABT) was the one large drug maker than hadn’t been completely body slammed by the market. Well, today was the day. The company said that one of its drugs designed to prevent heart attacks…doesn’t. The stock dropped about 7.3% today. This is getting sad. I can’t find any survivors in this group.
Today was another ho-hum day on Wall Street. Only nine of our 25 Buy List stocks were up today, but thanks to big gains from Quality Systems (QSII) and Thor Industries (THO), the Buy List was up 0.13%, and the S&P 500 was down 0.08%.
On Thursday, Friday and the early part of today, the volatility index (^VIX) fell below 12, which is an extremely low reading. The index climbed a bit higher today. The VIX is basically Wall Street’s version of Punxsutawney Phil. If the VIX doesn’t see his shadow, that’s six more weeks of a dull market.
The Dow is now just 3 widdle points from 10700. Twice today, we crossed 10700, but it was not to hold. Tomorrow might be more interesting as Ben Bernanke begins his confirmation hearings. I’m not expecting anything interesting but it will be refreshing to hear a Fed chair who speaks in English.

Posted by on November 14th, 2005 at 3:52 pm


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