- Bernanke Offers Something For Everyone
- The Good And Bad of Credit Cards
- Commodities Rally On Dollar's Weakness
- Next Week's Stars—The Retailers
- Today's Drivers: Retail and Tech
- Can Retailers Meet Those High Expectations?
- Yes, Now A Genocide-Free ETF
- What Matters Most on The Floor
- Wal-Mart And Kohl's Beat—But Cautious Outlook
- After The Bell Big Announcement: HP To Acquire 3Com
TRADER TALK RSS FEED
MOST SHARED
- BlackRock: Central Banks To Be Net Buyers of Gold
- Millions May Have to Repay Part of Obama Tax Credit
- Cisco Ups Tandberg Bid, Claims Over 40% Backing
- Gold Is in a 'Bubble' And Will Keep Going Higher: Gartman
- Underwater Mortgages Could Sink Even Deeper
- Weak US Housing Market Drags on Lowe's Profit
- Devon to Sell its Gulf, International Assets
- Madoff Auction: $4,750 for a Decoy Duck?
- Several Credit Card Companies See Default Rate Fall
- 'Blood and Business Don't Mix' — A Family Business Survival Guide
- Mixed Signals Come From Retail Sector as Holidays Draw Near
- Will the S&P 500 Close Above 1100?
- What Were The Northwest Pilots Really Doing?
- Your Jobless Recovery Game Plan
- S&P to Hit 1,175 in the Short Term: Strategist
- Busch: US Health Care Bill a Concern for the Chinese
- Underwater Mortgages Could Sink Even Deeper
- My Market and Fed Outlook Now: BlackRock's Doll
- Millions Could Have to Repay Part of Obama's Tax Credit
- What Recovery? Many Homeowners Still Underwater
- Gold Is in a 'Bubble' And Will Keep Going Higher: Gartman
- Diamonds: The Next Big Bubble to Burst?
- Slideshow: Madoff's Luxury Boats Go Up for Auction
- Madoff Auction: $4,750 for a Decoy Duck?
- How Much Do You Know About Green?
- How Will Retail Fare Over Holidays? Signals Are Mixed
- Solar Energy Emerges From a Dark Period
More Videos
Trader Talk
Text Size 
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.
 |
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...
()
]
_____________________________
New from CNBC.com:
_______________________________________
CNBC's Names in the News:
General Electric [GE
Loading...
()
]
Lehman [LEH
Loading...
()
]
_______________________________________
Questions? Comments?
- Bernanke Offers Something For Everyone
- The Good And Bad of Credit Cards
- Commodities Rally On Dollar's Weakness
- Next Week's Stars—The Retailers
- Today's Drivers: Retail and Tech
- Can Retailers Meet Those High Expectations?
- Yes, Now A Genocide-Free ETF
- What Matters Most on The Floor
- Wal-Mart And Kohl's Beat—But Cautious Outlook
- After The Bell Big Announcement: HP To Acquire 3Com
Data is a real-time snapshot *Data is delayed at least 15 minutes