Oversold becomes more oversold as the losses continue to mount. Today's action continues the market's reaction to Ben Bernanke's comments from late yesterday afternoon, but the World Bank contributed to the negative tone by dropping its 2011 economic forecast from 3.8% to 3.2%.
The latest Beige Book report did show that economic activity continued to expand in some areas, but there were some Districts that saw a deceleration of economic activity.
Then, Moody's issued
Stocks finished the trading day near their session lows as Fed Chairman Bernanke's late day speech left the market wondering exactly what the Fed plans on doing post-QE2. The DOW ended the day down 0.2% while the S&P dropped a more modest 0.1%, and the Nasdaq finished just south of flat.
And while stocks put in a big reversal during BB's speech, treasuries finished the day at their best levels.
The dollar took a hit in late afternoon trade, again while BB was delivering
Updated 06-08-2011 at 08:15 AM by coolhand
The Bernanke Slide - Stocks were looking to break a 4-day losing streak yesterday, and they were sailing along with the Dow up 80-points before the market started to do the Bernanke Slide late in the afternoon. By the close, the Dow had lost 19-points... Current Daily Market Commentary Market Commentary for 6/08/11
Some lines in the sand - The bleeding continued for stocks yesterday as the indices lost another 1% or more on the day, as the jobs report hangover lingered. The Dow lost 61-points on the day and the charts continue to break down... Current Daily Market Commentary Market Commentary for 6/07/11
Stocks picked up where they left off Friday, as the major averages saw moderate to heavy losses. The broader market closed not far off its lows of the day. The S&P 500 dropped 1.08%, the Nasdaq 1.11%, the Dow 0.5%, and the Wilshire 4500 a hefty 1.61%.
We haven't seen these levels since March 23.
Of particular note today was the fact that financials underperformed the broader market as the sector fell about 2.0%.
Crude oil dropped below the $100 dollar
Updated 06-06-2011 at 06:50 PM by coolhand