The bears have made it two in a row!First, the scoreboard:
S&P 500: -7.00
And now the top stories:
- The day started yesterday with the delayed response to Libya (since the US took Monday off). The action was characterised by an oil spike and heavy selling in stocks.
- It was an ominous day yesterday for multiple reasons. Then after the bell, yesterday, Hewlett Packard delivered ugly earnings.
- But despite that, it appeared briefly that yesterday might have been a one-day event. Futures very slowly drifted higher after hours. Asian markets were fine. There wasn’t that much news overnight, except that the Libyan situation continued to deteriorate.
- By the time things rolled around to the US, it looked like the market was going to have a solid up day. At 8 AM ET, futures were substantially higher!
- But by the time the market opened, the pre-market rally had totally vanished. Then oil did another moonshot, and even touched $100 in the April contracts (before pulling back a bit).
- Stocks got hammered, and the headline numbers of the major indices didn’t even do the selling justice. If you stripped out the oil companies from the day, stocks got slaughtered. Transports got killed. Consumer discretionaries badly underperformed. And all the big momentum names, like Netflix and such got hammered got whacked.
- Perhaps ominously, there was no flight-to-the-dollar buying. Instead the euro rallied! As did the Swiss Franc. As did the British pound (earlier in the morning, BoE minutes confirmed that several members of the board are ready to hike rates right now).
- Beyond the chaos in the Mideast, it was a day also characterised by deterioration in the Midwest, as the fight in Wisconsin over public sector finances continues to rage.
- Also today: Austerity protests flared up in Greece today. Click here to see the horrible images >
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