I guess all things are "relative" and today's market action has been lower, but perhaps not nearly as lower as some may have thought.
Even news that traces of anthrax found in pieces of commercial paper at the Federal Reserve mail facilities has not shaken markets that much today. While the major market averages did reach their lows of the session just after the news hit the wires, stocks have recovered from their lows.
After some selling earlier this morning, the Treasury market is unchanged.
I've scoured various charts to try and find something "technically significant taking place and can't really find much.
Shares of Applied Materials (NASDAQ:AMAT) $25.81 +1% has been a beacon of strength for larger cap technology today. The stock tested the $25.00 twice on its 5-minute chart, but bears were not able to break the stock lower.
Shares of Aerospace/Defense contractor Goodrich Company (NYSE:GR) $32.41 +1.15% look to be poised for a re-test of recent highs as the stock break out of recent consolidation from the $31 level.
Goodrich Corporation Chart - Daily Interval
Profiled as "bullish" in the premierinvestor.net play list on May 3rd, shares of GR are edging above its recent little pullback and consolidation. Currently there is not a bullish vertical count association with the stock and it would take a trade at $35 to generate a buy signal on the point and figure chart.
Today's biggest sector loser so far is the Fiber Optic Index (FOP.X) 73.07 -3.9%, but not much of a giveback from yesterday's 17% gain. Today's sector gainer shows the Gold/Silver Index (XAU.X) $78.55 +2.1% just off its recently set multi-year highs of 80.34.