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Steady at their lows

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The major indexes are currently mixed, with a slight round of selling in the longer-dated 30-year Treasury and 10-year Treasury helping put an intra-day floor of support under the major index.

In the last hour, the NASDAQ-100 Index (NDX.X) 990.71 -0.03% edged to its best levels of the session at 994.35, as both the 30-year YIELD ($TYX.X) 4.683% and 10-year YIELD ($TNX.X) turned green on marginal selling.

The Dow Industrials (INDU) 7,777 -0.76% has been able to nudge itself above afternoon resistance of 7,767, which is a level that was derived from retracement anchored from our MONTHLY S2 and R2 levels of resistance, but the 7,805 level from WEEKLY retracement work has yet to be tested this afternoon as resistance, and per the 11:00 AM EST update, should the Dow Industrials be able to clear that level, would be the first sign of meaningful strength for this major market average.

Dow breadth is decidedly negative at this hour, with 25 of the 30 components recording a lower trade. Shares of Boeing (NYSE:BA) $27.78 +2.47% are today's standout gainer after recording an 8- year low yesterday.

Gains in Boeing (BA) are being offset in the worlds #1 automaker General Motors (NYSE:GM) $31.42 -5.24% after a "sell" rating was placed on the stock by Deutshe Securities. The Wall Street Journal also said today that GM and Ford's (NYSE:F) $7.72 -4.21% decision to reduce production in the second quarter could have widespread implications for the economy, as the auto industry accounts for 1/5 of the U.S. economy and has been a key driver since the terrorist attacks of September 11, 2001.

Sector action, which has been broadly negative throughout the session, has seen marginal gains develop in the technology sectors, with the Biotechnology Index (BTK.X) 319 +0.65% and Semiconductor Index (SOX.X) 286 +0.18% edging green. The Gold/Silver Index (XAU.X) 70.55 +0.95% remains today's sector winner, but has pulled back from its session high of 70.95, after some firming from the lows was found in the U.S. dollar, as depicted by the U.S. Dollar Index (dx00y) 99.00 -0.19%, which fell to a morning low of 98.77.

Shares of Microsoft (NASDAQ:MSFT) $23.28 -1.1% continue to exhibit weakness, and are today's second most actively traded stock, just behind penny stock Sun Microsystems (NASDAQ:SUNW) $3.37 -1.17%.

Jeff Bailey

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