U.S. Stocks dropped another 1% in an afternoon sell-off.  The S&P 500 has now closed below the much watched 1,040 level, which signifies a head and shoulders top.  A mentioned previously that a break below that level could signify a drop to at least 950, and possibly down to 850. 
More to come later.
Scott Cole

The June ADP private sector employment report indicates that job growth in the private sector remains weak.  The ADP report indicated total private jobs created for June was 13,000.  This implies a relatively weak government report due out on Friday.  This number from ADP tends to be volatile. 
Stock index futures have reacted negatively to the […]

Since the stock market has traded significantly downward over the last month, it appears that another bear market may be underway.  While the prevailing Wall Street definition of a bear market is a 20% drop below recent highs, the average bear market tends to drop quite a bit more than that.  As of this writing, […]

U.S. Stocks fell sharply today as traders worried about the prospects of a double dip recession.  The major averages closed anywhere from down 2.65% for the Dow Industrials to over 4% for the Dow Transports.  Tech stocks really took it on the chin.  The charts for the S&P 500 and Nasdaq averages look quite ominous, […]

U.S. Stocks are trading sharply lower on the back of economic data regarding China, more European debt worries, and a week Consumer Confidence number reported after the open.  The S&P 500 is testing major support at the 1040 level, which is the neckline of a major head and shoulders topping pattern.  A close below this […]

U.S. Stocks are set to open significantly lower Tuesday morning after China reported slower economic growth than previously estimated.  Dow Jones Industrial futures are lower by over 110 points as of 8:45 ET, while S&P 500 futures are lower by 14.  This equates to 1% losses across the board. 
China has been one of the bright […]

The penguin shines across the loving hydrogen.

I guess most people were watching the World Cup games, because it sure was a boring day for the stock market, which essentially closed flat today, and traded within a very narrow range.  The S&P 500 formed an inside day, and it just looks like today’s action was a pause in the current leg down.  […]

U.S. stocks are set to open essentially flat this morning.  Personal Income was reported to be up .4% for May, well spending rose .2%. 
The big news over the weekend was the G-20 summit, which essentially resulted in no news.  The gathering of heads of state in Toronto produced the usual windbag proclamations of working together […]

Stocks closed mixed on Friday after a week that saw the major averages down about 3-3.5% across the board.  The economic data this past week was generally weak, particularly in the housing market.  Existing home sales were reported to be down over 2% in May, and new home sales dropped a whopping 33% for the […]