Monday, October 26, 2009

Midday Briefing for October 26th: Persistent Selling

Above we see the NYSE TICK for the morning; note the steady weakening, particularly as the U.S. dollar broke higher a little before 11 AM CT. The multiple readings below -1250 in TICK show very significant and persistent institutional selling, as we broke below the multiday range led by financial issues. Echoes of the bear market: It's been a while since we've seen panicky selling led by the banks.