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Current DateTime: 08:24:49 12 Jul 2009
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Expiration DateTime: 7/12/2009 8:27:22 AM

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Current DateTime: 08:24:50 12 Jul 2009
LinksList Documentid: 30456179
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CNBC's Bob Pisani has today's ETF 101 lesson.
CNBC's Bob Pisani reports on the trading day from the NYSE.
CNBC's Bob Pisani reports on the trading day from the NYSE.
CNBC's Bob Pisani reports on the trading day from the NYSE.
CNBC's Bob Pisani reports on the trading day from the NYSE.
CNBC's Bob Pisani has this week's ETF 101.
Bob Pisani reports on the trading day from the NYSE.
Bob Pisani has this week's CNBC 101.
Trader Talk Blog
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Technically, the day was horrible:

1) the S&P 500 broke through its July 15 closing lows of 1,214.91, and the intraday low of 1,200.44.

2) it was the worst day for the S&P since September 17, 2001;

3) new lows expanded to the highest level since the July lows;

4) this was almost certainly a 90% downside day, with 90% of the volume going to stocks on the downside.

We almost certainly would have broken through the important 1,200 level on the S&P 500 had there not been a report that the feds have asked Goldman and JP Morgan to lead a $70 to $75 lending facility for AIG; this took AIG [AIG  Loading...      ()   ]and the markets off their lows just after 3:30 ET.
Wall Street In Crisis - Special ReportWALL STREET IN CRISIS - A CNBC SPECIAL REPORT

One of the few bright spots: the CBOE Volatility Index (VIX) moved over 30 today. The good news is that each time it crossed that line--in January, March, and July--we saw market bottoms. The bad news is that each time the rallies did not hold.

While financials were the focus, the decline in energy and material stocks was also brutal, with double digit declines in coal companies like Massey [MEE  Loading...      ()   ](down 13 percent), refiners like Valero[VLO  Loading...      ()   ] (down 12 percent) E&P companies like Anadarko [APC  Loading...      ()   ](down 9 percent), large oil service farms like Schlumberger [SLB  Loading...      ()   ](down 4 percent).

On concerns that commercial real estate assets may decline, we also saw double-digit declines in big construction and engineering firms like Shaw,[SGR  Loading...      ()   ] Fluor[FLR  Loading...      ()   ], and KBR.[KBR  Loading...      ()   ]

Buy, Sell, Hold?

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New from CNBC.com:

- The Dow 30 at a Glance

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CNBC's Names in the News:

General Electric [GE  Loading...      ()   ]

Lehman [LEH  Loading...      ()   ]

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