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Markets Near Their Lows

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The markets head into the final hour of trading near their lows for the day. The Dow Industrials are down 50 points to 8628 and appears headed for the bottom of its rising channel near 8530. The NASDAQ Composite is only down 9 points to 1529; if there are any dip buyers still left then the 1500 level should offer some support for the NASDAQ. The S&P 500 is down 6 points to 936.

Market internals are bearish but bulls are putting up a good fight. The NYSE is reporting almost 13 advancing stocks for every 15 losers. The NASDAQ is showing a very close race with 1483 advancing stocks versus 1503 decliners. 52-week highs remain strong at 345 while 52-week lows have dipped to 22. The race remains tight in the up and down volume numbers. The NYSE reports 572 million in up volume and 672 million in down. The NASDAQ margin is smaller with 641 million in up volume and 704 million in down.

Most of the sector winners this morning have maintained their small gains into the afternoon. The XAU gold & silver index, the XNG natural gas index, the XBD broker-dealer index and the BTK biotech index all remain in the green. Joining their ranks is the OSX oil service index and the DFI defense sector index. Falling off the list, by a slim margin, is the INX Internet index.

Oil contracts for June delivery are up 75 cents or 2.6% to $29.17 and are approaching overhead resistance in the $29.20 area. Meanwhile gold futures for June have given back all of their early morning gains to trade unchanged on the session.

There's been a lot of talk and speculation about the action in the bond markets today. Since last fall the yield on the 10-year treasury has bounced three times at the 1950s low of 3.55 percent. That third bounce failed today as buyers swamped the bond market after disappointing retail sales numbers for April and continued weakness in the U.S. dollar. The yield on the 10-year note is currently at 3.537%.

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