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Session lows

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Stocks are trading at their session lows as we enter the final hour of trading. The often quoted Dow Industrials (INDU) 8,240 -3.12% is lower by 267 and traders are most likely monitoring the 8,000 level near-term for some type of psychological support.

28 of the 30 Dow components currently trade in the red with leading percentage losers Walt Disney (NYSE:DIS) $15.01 -10.8%, General Electric (NYSE:GE) $29.31 -6.65%, General Motors (NYSE:GM) $43.06 -6.06% and J.P. Morgan (NYSE:JPM) $23.53 -6.03%. Bucking the negative Dow breadth are shares of consumer staples Johnson & Johnson (NYSE:JNJ) $51.55 +0.25% and Proctor & Gamble (NYSE:PG) $88.63 +0.86%.

Leading sector gainers has the Airline Index (XAL.X) 48.13 -7.8% threatening a 52-week low should the recent low from July 24th of 45.60 be broken.

Also exhibiting weakness is the once favored home builders as the Dow Jones Home Construction Index (DJUSHB) 283.78 -8.35% looks to test its recent lows of 279.93 found on July 22nd. If broken, traders may be looking for retracement support to come in at the 268 level here.

Breadth is decidedly negative once again today, with decliners outnumber advancers by a 3 to 1 margin on both the NYSE and NASDAQ composites.

Also negative are the new highs versus new lows as the NYSE shows 23 stocks achieving new highs versus 124 stocks hitting new lows, while over at the NASDAQ 190 stocks break to new lows versus 15 new highs.

Treasuries finished their session very defensively with YIELDS pegged at their lows of the session and will most likely have weaker equity bulls pulling the plug on some stocks into today's close.

Jeff Bailey
Senior Market Technician
Option Investor

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