Earlier we saw that the day was setting up on the slightly-down but mostly-quiet side and that held into the close. The Dow Jones Industrial Average (DJIA) showed a slightly larger loss than the Nasdaq Composite (COMP) and PowerShares QQQ Trust (QQQQ) but overall I would call the day mixed. One of the more "interesting" bits was a late-day warning from FedEx Corp (FDX). The company cut its fourth-quarter earnings forecast blaming high fuel costs.
Maybe it is just me, but I have always found the "right-at-the-end-of-the-day-on-Friday" releases to be somewhat curious. Almost like they are hoping that we will forget about it on Monday. I am sure that it just me...
As far as my overall thoughts, I would say they still center on the daily [chart] below. Even with today's selling, the S&P 500 (SPX) is still holding at that support zone. There isn't much of a cushion at this point but I wouldn't call support broken. The action early next week will be critical. And that is where I will pick up on Monday.
Have a great weekend!
Chart Courtesy of Thomson Financial
Chart Courtesy of Thomson Financial
| Index |
Index Value |
Point Change |
Percent Change |
| S&P 500 (SPX) |
1388.3 |
-9.4 points |
-0.67 percent |
| Dow Jones Industrial Average (DJIA) |
12745.9 |
-121 points |
-0.94 percent |
| Nasdaq Composite (COMP) |
2445.5 |
-5.7 points |
-0.23 percent |
| Russell 2000 (RUT) |
720.1 |
0.5 points |
0.07 percent |
| CBOE Market Volatility Index (VIX) |
19.41 |
0.01 points |
0.1 percent |
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