Wednesday, March 24, 2010

Midday Briefing for March 24th: Pulling Back

As you can see, we've been oscillating around the day session's opening price of 1165 in the ES futures, with about 882 more declining stocks than advancing. In my basket of 40 stocks that is evenly divided among eight S&P 500 sectors, 15 stocks are up from their open, 25 down. This weakness is also reflected in continued pressure on risk assets, including oil, gold, and euro and Aussie dollar vs. USD. Interestingly, small caps are not relatively weak from their open, which is one reason we're not seeing a more lopsided ratio of declining stocks to advancers.