It's a rough day in the markets for the bulls. Hopes for a short war with Iraq appear to be fading fast as coalition forces encounter more and more resistance approaching Baghdad. Currently the Dow Jones Industrials are down over 260 points and falling fast. This completely erases Friday's big gain and then some. The Nasdaq Composite is also seeing a lot of selling pressure and the COMPX has lost over 40 points, nearly 3 percent this morning. The S&P 500's loss is also approaching 3 percent.
The biggest loser in the Dow Jones appears to be Walt Disney (NYSE: DIS), which is down 6.7%. Disney actually did very well over the weekend with its Miramax division bringing home nine Academy Awards last night. The ongoing war concerns appear to be hitting media stocks pretty hard today.
Down volume has been exceptionally strong and traders are taking some of last week's profits off the table.
We did hear rumors that some special forces had actually been able to recover a few U.S. POWs but given that the blanket of media coverage has not reported on it we have to chalk this up to hopeful speculation.