Reply #22: 11:10 EST numbers and blather

[UpInArms]

(yahoo charts not working)

DJIA 10,274.80 -15.48 -0.15%
NASDAQ 1,842.42 -31.01 -1.66%
S&P 500 1,114.82 -3.49 -0.31%

11:00AM: Equities dip below the unchanged mark, although Nasdaq remains remarkably weaker (-1.4%)... Around the bottom of the last hour, the tech sector again retreated and re-tested its lows of the day... At this juncture, the semiconductor group has just dropped below its 52-week low (around 360.6)... That (along with the rest of tech) has acted as a drag on the broader marke, and tugged it into negative territory (tech comprises 15% of the S&P 500)...

As for the Dow, it has been helped out by solid gains in Wal-Mart (WMT 53.79 +0.77) in part of a rebound effort off yesterday's losses (due to disappointing August same store sales)...SOX -4.2, NYSE Adv/Dec 1218/1683, Nasdaq Adv/Dec 1010/1615

10:30AM: The market heads a bit lower, undercut by the much weaker than expected August ISM Services index... The non-manufacturing report dropped 6.6 points to 58.2 (consensus of 62.2) as new orders declined and prices paid rose - signaling that inflation is playing a role in the deceleration of growth since April... Economically-sensitive sectors continue to be the main target of sellers as tech, industrial, transportation, and material drift lower... Conversely, defensive-oriented groups like consumer staple and health care have lured buyers off the sidelines...

The market continues to interpret the August employment report in a slightly negative light... While it was good enough to quiet further talk about a 'jobless recovery,' it was not strong enough to renew confidence in the labor market...NYSE Adv/Dec 1286/1498, Nasdaq Adv/Dec 1073/1420