Ugly
An ugly session marked by aggressive selling this morning. S&Ps are at 1131 and appear to be headed lower.
Selling was seen in the trading pit from a number of brokerage houses which accentuated the down move in the S&Ps. Clearly, this market is dominated by pessimism that cannot be overcome by talk from a few companies about stability.
Sun Microsystems and Microsoft are among the notable stocks trading off today. This cannot help but drag down the broader indexes. Nasdaq futures are at 1445, below our support (now resistance) at 1461-1455.
The inevitable question of “how low can it go?” should not even be pondered. Bottom-picking is a dangerous endeavor in these markets.