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Market Updates

Rough Open

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As expected, stocks have open significantly lower. The Nasdaq is down 4.97% and the Dow is 5.40% lower. The S&P 500 is down 4.26%, but a significant amount of stocks are not yet trading.

Nasdaq Composite 5-Minute Chart

Trading has been choppy, but the Nasdaq has managed to come off its worst levels of the day. Currently at 1,608, the Nasdaq is 12 points below the April low of 1,620

Nasdaq Stocks

Cisco -$0.64
Intel -$1.46
Microsoft -$3.56
Sun -$0.71
Oracle $-0.41
Dell -$1.40
eBay -3.78

Brocade +0.60
PanAmSat +0.85
Comcast +0.52
Exodus +0.20

Dow Jones Industrial 5-minute Chart

It took almost an hour to get all of the Dow's components trading. Now that all stocks are trading, the Dow is starting to stabilize. 85 points off the low, the Dow is 37 points below its April low.

Dow Stocks

General Motors -$5.31
Boeing -$5.06
American Express -$5.11
Home Depot -$4.06

Merck +$0.65
SBC Communications $+0.69

Trading should continue to hectic here in the early going, but at least we are underway. Trading seems to be running relatively smoothly, and stocks have started to stabilize.

Jeffrey Canavan

Airlines stocks take brunt of decline

As expected, many airlines stocks found selling at the beginning of this morning's trading. We've put together a list of many stocks in the group and have sorted them by most active.

Airline Stocks - Sorted by shares traded

Not all airline stocks were open for trading, but the above glimpse gives traders/investors a look at what has taken place so far.

Airline Index Chart - weekly interval

The XAL.X has violated several multi-year lows on our weekly interval chart. Traders and longer-term investors looking for bargains should do so gradually from the long side here. Starting with a partial position at first and then perhaps adding to that position with the passage of time is the best scenario at this point.

Jeff Bailey
Senior Market Technician
www.premierinvestor.net

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