24-10-2009, 07:54 AM
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One Hour of Trading Can Change It All
Sentiment flip-sided during yesterday’s session as a sudden downgraded, sent the major indices into negative territory. After trading most of the session in green, the S&P500 along with other indices, broke their intraday range, and headed lower. The Dow Jones Industrial Average closed the session once again below the 10,000 mark, after climbing higher during the prior session.
The sell-off was broad based, with the financial sector leading the way lower. Out of the 9 major sectors on the AMEX, only techs and utilities managed to keep their heads above water. Even though the session started on a positive note, due to upbeat earnings from Morgan Stanley and U.S Bancorp, Wells Fargo led the way lower as it received a downgrade towards the final hour of the U.S session.
Economic data also had an impact on the intraday session as the Beige book showed slight economic improvement during the months of September thru October. According to the report residential real estate and the manufacturing sector showed the most improvement, while commercial real estate showed the weakest figure. Furthermore the report showed that the banking system is still having its share of problems due to recent credit issues.
Read the full article at Dodjit.com
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