Reply #38: Eerily quiet among market averages [View All]

2:38
Dow 13,410.98 Down 31.54 (0.23%)
Nasdaq 2,584.09 Down 18.09 (0.70%)
S&P 500 1,477.72 Down 6.53 (0.44%)
10-Yr Bond 4.478% Up 0.016
NYSE Volume 1,530,410,000
Nasdaq Volume 1,048,718,000

2:30 pm : The major indices have been consolidating downward for just over an hour, though they are still off morning lows. However, indices have edged off afternoon lows in the last few minutes of action.

Any late afternoon moves could be helped by today's extremely light volume, but don't expect any conviction from investors ahead of the Fed's big day tomorrow. DJ30 -33 NASDAQ -19 SP500 -7 NASDAQ Dec/Adv/Vol 2052/830/984 mln NYSE Dec/Adv/Vol 2241/978/694 mln

2:05 pm : The stock market averages remain in the red, the dominant bias today, but they were able to mount a modest midday recovery rally. Some backing and filling has been noted over the last 45 minutes or so as participants are reluctant to become aggressive on the buy side ahead of the Fed meeting tomorrow. Market internals are in the bearish camp but volume is running at a below average pace implying muted selling pressure.

The Dow is the best performing of the market averages with strength in GM +2.1%, HPQ +1.7%, CAT +1.1%, XOM +0.5% and VZ +0.5% helping to limit losses. DJ30 -47 NASDAQ -20 SP500 -8.30 NASDAQ Dec/Adv/Vol 2023/838/914 mln NYSE Dec/Adv/Vol 2230/965/648 mln