Stock Market Takes Out October Lows (DIA, SPY, QQQQ)

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There is a disturbing event happening, and it is one which if gets much worse will take out much of the feeling that the markets have bottomed out.  Today the market index readings are challenging the lows from mid-October.  Now the challenge comes to whether or not these hold the closing levels and the intra-day lows seen at the time as of 12:53 PM EST today.

S&P500    833.68    (-18.62; -2.18%)

  • S&P low close 848.92 (Oct. 27) & intra-day low 839.80 (Oct. 10)

DJIA    8,111.81 (-170.85; -2.06%)

  • DJIA low close was 8,175.77 (Oct. 27) & intra-day low was 7,773.71 (Oct. 10)

NASDAQ    1,451.90 (-47.31; -3.16%)

  • NASDAQ low close was 1,505.90 (Oct. 27) & intra-day low was 1,493.79 (Oct. 24)

DIAMONDS Trust ETF (NYSE: DIA), SPDRs (AMEX: SPY), and the PowerShares QQQ (NASDAQ: QQQQ) are the main ETFS’s which track these index levels, and all actually trailing in the volume severity sen with many such days.

JON C. OGG
NOVEMBER 13, 2008