Market Not a Bull or Bear Today – Just a Squatter
By Robert Perrego, at 1:57 pm on March 11th, 2009A day after the years largest rally the Dow Jones Industrials shot up on the open peaking at 7015 – and yes – we got above 7000 but only for less than 10 minutes. Since the peak at 9:54 today the Dow has been trending downwards and at 2:35 pm EST is trading at 6891, down 35 points.
Sector Watch is all about Gold and Banks on the upside
The biggest movers to the upside today have been gold and banks. Most all the banking stocks gapped up on the open and have sold off since the Dow peaked with most still positive. Goldman Sachs and Morgan Stanley are both up over 7% at $91.66 and $22.43 respectively. Citigroup, yesterdays rally poster-child, is currently trading at $1.51 up an additional 4.13% with the Bank of New York (BK) coming in as the percentage upside mover champion up $1.89 (8.99%).
The ETF for physical gold, GLD, is now up $1.08 (1.24%) and the ETF for the gold miners, GDX is up $1.67 (5.62%).
Technology and the Hardware Guys
The tech sector has Hewlett Packard (HPQ) up $1.48 (5.5%) on an upgrade by UBS. Apple Computers and Network Appliances also have solid gains up 5.5 and 5.4% respectively.
Health-care – The Drug Dealers take a hit
Health-care related stocks are riddling the list of biggest losers by percentage with a concentration in the companies that figure out how the drugs get from the pharma companies to you. Medco Health Solutions (MHS down 5.4%), Cardinal Health (CAH down 11.11%), Express Scripts (ESRX down 4.8%) and AmerisourceBergen (ABC down 8.2%) are all losers today.
