The Dow shed one hundred points in the last hour and a half of trading. The Dow and S&P held onto some gains, but the Russell 2000 and the Nasdaq 100 actually closed the morning gap and ended the day in the red. The late day selling seemed to be led down by large cap tech, as GOOG AAPL RIMM BIDU all moved lower.
Volume was a bit higher – back toward average levels at least, though most of that came from the first 30 and last 60 minutes of trading. Volatility continued its march to nowhere.
Fortunately, Wall Street people are funny, whether intentionally or not, so at least we had something to laugh at today. At right, the big names at Blackstone (surely unintentionally) mimic that famous Reservoir Dogs vibe [h/t WSJ]. The Epicurean Dealmaker has a pretty hilarous sendup of Blackstone’s rather indulgent annual report. He’s completely right about the absurd bagginess of Steve Schwarzman’s pants.
Next: Adam explores possible new celebrity talent that the geniuses at Real Money might want to tap. Kid Rock strikes us as somebody who would probably be a big fan of these FRO options everybody’s talking about.
Not funny, but plenty engrossing: last week, This American Life discussed the subprime crisis, humanized both the retail victims and the institutional victimizers, and managed to explain CDOs in a non-patronizing way. Of course, TAL is always fantastic anyway, and we hope Ira Glass’s voice feels better soon.
Finally, speaking of another ill-fitting suit, check out the bluegrass Darth Vader after the reversal readings.
Lots of overbought readings today, and with so many 200DMAs overhead, odds are good here for a turn lower.
SPY – 95
EEM – Emerging markets – 94.35
FXI – China – 91.24
XLB – Materials – 95.17
IYR – Real Estate – 96.52
RTH – Retail – 91.40
XLI – Industrial – 94.50
GLD – Gold – 3.21
XLY – Consumer Discretionary – 98.01
DBA – Agriculture – 6.17
PHO – Water – 99.17
PBW – Alt Energy – 98.96
EWW – Mexico – 98.23