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Back Near the Lows

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After rebounding slightly, stocks have once again turned south. All major indices setting or testing daily lows.

The Dow is now down 7.50% to 8,886. Aircraft equipment supplier United Technology is now $17.20, or 26.26%, and Boeing is down $7.24. Merck and Phillip Morris continue to cling to positive territory.

The Nasdaq-100 was trying to find strength in Exodus, Brocade, and QLogic, but is now down 105 points as those stocks have come off their highs. VeriSign is now down 50 cents after being in positive territory.

As expected, today's trading has been volatile. With hopes of a late-day rally fading, investors are looking for a place to hide.

The Gold and Silver Index (XAU.X) is up 3.60% today, as investors look for a safe haven against today's selling. In the first hour of trading the Gold Index shot up 6.2%. Since then the index has pulled back 50%.

Barrick Gold and Newmont Mining Daily Charts

Shares of Barrick Gold (ABX) and Newmont Mining (NEM) have also given up much of their earlier gains. Gold, which typically holds up better than gold stocks, is down 70 cents. Global uncertainty makes gold stocks attractive, but for more information on how gold stocks perform during times of crisis, check out: Option Investor

Jeffrey Canavan
Assistant Analyst
Premier Investor

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