December 1, 2008 Stock Market Recap
This was certainly one of the ugliest days I’ve ever seen and that’s confirmed by the list of worst one-day percentage declines. This was the second worst day in 20 years on both the S&P 500 and Nasdaq — second only to days just a few weeks ago. I don’t have stats on the Russell 2000 but today’s 12% drop *has* to be one of its worst days ever. If the Dow had dropped that much in a day the NYSE’s circuit breakers would have gone off.
It’s not a stretch to assume the indices will at least fill the gaps left from last Monday’s gap up open. My guess is that we go beyond that and will probably retest the November lows. There’s a ton of economic data due out this week, culminating with November Nonfarm Payrolls on Friday. It should be quite a week.
It should come as no surprise that financial stocks were one of the worst groups today. They were down over 17% on the day and many individual financial stocks were down over 20%.
There was also notable weakness in REITs, which were down over 19% as a group. Even gold was down 12%. There was truly nowhere for the bulls to hide today.
Everything’s down once again
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Down | Down | Down |
| Short-term | Down(-) | Down(-) | Down(-) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I’m simply using the indices’ relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
Post from: Trader Mike
December 1, 2008 Stock Market Recap
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