Gold yet to firm

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    Last Daq report

    11:55 ET Dow -145 Nasdaq -27 S&P -20.47 SOX -1.9% DOT -2.1% XOI -4.8% NYAdv 647 NYDec 2485 NQAdv 866 NQDec 2405 [BRIEFING.COM] In the wake of the meltdown at the end of last week the fear was that another black Monday could develop. The early action for the averages was actually constructive in that they were able to stabilize near the opening lows. Several positive earnings reports (CHKP, CYMI, BG, MMM SAFC, AEIS) and upgrades (BUD, MON, PG, G, CLX, ACV.A, SCHL, MGG, RD) along with strength in the dollar helped to limit the pressure. However, building a foundation based on the fact that the averages did not sell off as much has had been feared, certainly does not argue for a sustainable push. Over the last hour the selling pace picked up considerably (led by health, energy, telecom) and once again there did not appear to be a specific catalyst but rather just a resumption of the well established bias as buyers remained sidelined. Some improvement has been noted in recent action but the averages are clinging to sizeable losses. Volume has been heavy from the opening bell with market internals negative. The Treasury market is higher as it continues to trade in inverse fashion to the equity indices.

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