Market Wrap Monday

Good Evening,
                        To call what happened on Wall Street today “an old-fashioned beat-down” would be a lie, because there was nothing old-fashioned about it.  You may, however…. call it a beat-down, or maybe a slap-fest.  You could even just call it crazy, because that’s exactly what it was.  If you’re reading this note after a hard day of labor, you probably just want the facts, especially if you do not work in the industry, or if you are on vacation.  These  are those facts.
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1) All four major indices (DJIA, S&P 500, NASDAQ Comp, , and the R2K) finished the day at least 3.5% lower.  This came after all said indices traded at far lower levels, and nearly approached the unchanged mark, all in the same day. Trading volume was very heavy.
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2) All ten S&P sectors were beat to a pulp, with a special kind of annihilation going out to the Energy sector after Crude (WTI) was knocked down below $38 a barrel.
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3) The best performing sector for the day was Telecom.  That shooting star only surrendered 3.1% to gain those honors.
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4) About those safe-havens…..  Treasuries had a volatile, yet strong day.  The U.S. ten year finished with a yield of just above 2%, after trading as low as 1.9%.  Gold did not enjoy the status afforded safe-haven today, and actually sold off to the tune of about $5 an ounce.
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5) You may feel like you’ve put in five days already this week, but today is only Monday.  Let that sink in.  Now, I’ve ruined your dinner.  I’m sorry.  See you tomorrow.