Monday, July 6, 2009

Monday Midday

AlphaNinja - Apologies for the quiet site today - I'm posting remotely as travel plans have been upended. Will post in better detail this afternoon/evening.

US markets are all negative on the day, with the Nasdaq down over 1%. Headlines from the wires blandly explain today's drop as being due to "waning recovery hopes" for global economies. Likelier is that the 30-40% moves off the March lows were entirely too optimistic.

The oil majors are hurting the Dow Industrials, as are big-cap technology. Merck and American Express among the Dow leaders.

5day chart of the DJIA - the slide continues...

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