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DOW JONES     Dow jones April 2010 (Hedge21)

Author Message ▼ Last message
mart.j     posted : 06/05/10   09:04 pm


member  
Dow Plunges Amid Europe Lending Worries
Published: Thursday, 6 May 2010 | 2:51 PM ET

By: Cindy Perman, JeeYeon Park



The Dow plunged Thursday amid buzz in the market that European banks have halted lending.

One trader, on the condition of anonymity, said he heard fixed income desks in Europe shut down early because there was no liquidity — basically European banks are halting lending right now.

"This is similar to what took place pre-Lehman Brothers," the trader said.

Major U.S. Indexes
.DJIA
10444.45
-423.67
-3.9%
0
.NCOMP
2309.73
-92.56
-3.85%
859,108,579
.SPX
1119.99
-45.88
-3.94%
0

The Dow was down more than 900 points at one point, or more than 8 percent, before pulling back to the 600-700 point range.

Under current, New York Stock Exchange rules, if the market falls ten percent or more between 2:30 and 3:00 pm ET, trading is halted for 30 minutes.

The S&P 500 and Nasdaq were also sharply lower. The CBOE volatility index, widely considered the best gauge of fear in the market, was above 35, or up more than 40 percent. The VIX ended last week around 22.

This comes after the Dow and the S&P 500 suffered their biggest two-day declines since Feb. 3-4, while the Nasdaq saw its biggest two-day decline since August of 2009 on Tuesday and Wednesday. Market gains for the year have been cut to about 4 percent across the board.

Market sentiment turned negative very quickly in recent session, Steve Starker, co-founder of BTIG, which specializes in institutional trading, said on CNBC this morning.

The market "may have a little bit more room on the upside," Starker said, but even if Friday's jobs report beats expectations, "every rally seems fadable right now," he said.

Financials, consumer discretionary and industrials were the biggest declining sectors.

Financials such as JPMorgan [JPM 40.49 -2.14 (-5.02%) ], Citigroup [C 4.07 -0.11 (-2.63%) ] and Goldman Sachs [GS 142.76 -5.43 (-3.66%) ] stumbled after the Senate approved an amendment to the financial-reform bill that would end "too big to fail." The measure calls for setting up a government protocol for seizing and dismantling large firms that are in distress.

The Financial Crisis Inquiry Commission is back in session today. Treasury Secretary Tim Geithner said the financial crisis could have been "less severe" if the government had moved faster.

"I do not believe we were powerless," Geithner said.

Meanwhile, former Treasury Secretary Henry Paulson said while flaws in the financial system must be fixed, the U.S. must avoid returning to a system of monolithic commercial banks.

Elsewhere in the financial sector, Freddie Mac [FRE 1.29 -0.14 (-9.79%) ] will ask for $10.6 billion more in federal aid after posting a nearly $8 billion loss in its latest quarter.

Debtor Nations

The Greek austerity bill won enough votes for passage in parliament. The measures are needed to release funds in a euro 110 billion ($140 billion) three-year rescue package of loans from the other 15 euro-zone countries and the IMF.

Meanwhile, the European Central Bank opted to keep interest rates unchanged, which came as a disappointment to the market as many had hoped that the central bank would take some action to stem the current crisis. The market also didn't like that ECB president Jean-Claude Trichet used the "u" word — uncertainty.

"We expect the euro-area economy to expand at a moderate pace in 2010, but growth patterns could be uneven in an environment of high uncertainty," Trichet said.

While debt worries spread to what seems like a new European country each day — Greece, Spain, Portugal — Standard & Poor's reiterated that their outlook for Italy is stable.

The dollar jumped to a 14-month high against the euro after the ECB failed to offer any additional measures to ease the Greek debt crisis. Oil fell below $80 a barrel and gold rose toward $1,185 an ounce.

Among the handful of gainers in the market, Cigna [CI 32.33 0.33 (+1.03%) ] shares jumped almost 5 percent after the health insurer posted a better-than-expected profit, helped by growth in its international segment and higher profit across its lines of business.

On the tech front, Symantec [SYMC 16.60 0.35 (+2.15%) ] rose almost 5 percent after the security software maker reported results that exceeded Street projections, led by strong sales of its antivirus software for consumers.

Sector leaders have shifted in the last few weeks as those that led the rally in early February are now the decliners.

Less economically sensitive sectors such as utilities, telecoms, consumer staples and health care have fallen the least while cyclical sectors such as materials, energy, financial, consumer discretionary, and industrials have fallen the most.

April sales reports from major retailers were mostly disappointing, including reports from Costco [COST 57.70 -2.66 (-4.41%) ] and Gap [GPS 22.91 -1.77 (-7.17%) ].

FOR INVESTORS

* Faber: 5 Telecom Stocks to Watch
* Buy the Pullback or Sell Scared?
* Get Out of Stocks—for Now
* Buy Gold in These Volatile Times
* 5 U.S. Firms With Big Europe Risk

Teen chains reported sales declines that were worst than expected, while upscale department store Nordstrom [JWN 40.67 -0.83 (-2%) ] reported a sales gain that topped expectations.

"The low interest-rate environment in the United States is pushing up the U.S. stock market and that should be very good for the retail luxury segment of the market," Patrick Dunkerley of the Scout Mid-Cap Fund said on CNBC this morning. "We think investor should be kicking the tires on stocks like Coach, Tiffany and Macy's" and other purveyors of luxury goods for buying opportunities, he said.

Joseph Feldman of Telsey Advisory Group added that overall discretionary trends are encouraging, with Target missing on its headline sales number but reporting improved sales of discretionary items like clothing. He also likes Home Depot, Lowe's, Bed Bath & Beyond and Williams-Sonoma.

Walmart [WMT 53.35 -1.42 (-2.59%) ] doesn't report with the rest of the retailers. In its annual report to shareholders a few weeks ago, the discount giant reported sales rose just 1 percent in fiscal 2010, its worst gain on record. Walmart will hold its annual meeting on June 4. Investors will be looking to see what measures Walmart is taking to help juice sales and retain higher-income customers that flocked to the stores for the first time during the recession.

RELATED LINKS

Current DateTime: 11:43:58 06 May 2010
LinksList Documentid: 36981298

* Euro Shares Fall for 3rd Day to 2-Month Low
* Europe Worries Rock Asia, Nikkei Down 3.3%
* Gold Hits $1,200, Settles at Highest Since November
* Oil Falls Below $77 on Euro Zone Debt, Demand Worries
* Dollar Rises to 14-Month High vs Euro on Debt Crisis

Shares of major cable firms such as Comcast [CMCSA 18.56 -1.18 (-5.98%) ], Time Warner Cable [WMT 53.35 -1.42 (-2.59%) ] and Cablevision [CVC 24.72 -2.09 (-7.8%) ] tumbled more than 5 percent amid concerns that the government wants to assert more control over broadband policy.

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mart.j     posted : 06/05/10   09:07 pm


member  
according CNBC, BUGG in bot program trading as this morning in Euronext





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mart.j     posted : 06/05/10   09:08 pm


member  
according Dow jones it s just a small issue lol XD
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mart.j     posted : 06/05/10   09:12 pm


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click to enlarge


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mart.j     posted : 06/05/10   09:28 pm


member  
thanks CNBC

Alan Valdes (securities Nyse) declares that it will probably just a bugg in trading program. but he does not know , need more investigation



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Christina     posted : 06/05/10   09:31 pm


member  
u know that some guys and fund lost a lot of money with this buggg
I\'m happy to receive any constructive criticism about my trades. I\'m always ready to learn more.
Christina     posted : 06/05/10   09:35 pm


member  
same time parlement greece attack

strange very strange
I\'m happy to receive any constructive criticism about my trades. I\'m always ready to learn more.
Stephan     posted : 06/05/10   09:38 pm


member  
it s crazy

Conspiracy Theory , US always manipulate XD
Hedge21     posted : 06/05/10   09:42 pm


administrator  
hi all,
system fail and tomorrow we will have a lot of work to help our reconciliation department .

We are going to have a break this w end with i hope good news and new set up in our trading program to solve all issue due to this bugg

!
Please review our website & don\' hesitate to ask your question
mart.j     posted : 06/05/10   09:49 pm


member  
Stephan u r right, manipulation or just stop working before teh crack team , in any case Nyse and nasdaq going to investigate
AUTHOR REQUEST: Please don’t forget to share our analysis if you like it. Social media is extremely important to companies producing analysis and content!!
Luck i m your father     posted : 06/05/10   09:53 pm


member  
Conspiracy is the name of this bugg , hedge contact your friends in Boston

and have a good night because tomorrow u have a lot to do XD
Hedge21     posted : 06/05/10   09:56 pm


administrator  
Trading Error at Major Firm Blamed for Market Plunge: Sources (Story Developing)

http://www.cnbc.com/
Please review our website & don\' hesitate to ask your question
Christina     posted : 06/05/10   10:04 pm


member  
NYSE says the wrong trade in P and G happened on nasdaq not on Nyse
I\'m happy to receive any constructive criticism about my trades. I\'m always ready to learn more.
Christina     posted : 06/05/10   10:07 pm


member  
P G says all trades below usd 56 were made on nasdaq not on nyse
I\'m happy to receive any constructive criticism about my trades. I\'m always ready to learn more.
Hedge21     posted : 06/05/10   10:10 pm


administrator  
Mart u have your bull trend now lol




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