Getting Uglier and Uglier
October 2, 2008
Hickey and Walters (Bespoke) submit:
The credit crisis is clearly affecting sectors outside of Wall Street at this point. Transports and other Industrials, Materials, Technology, and Energy have all really fallen out of bed today.
Currently, no stocks in the S&P 500 Industrials sector are trading above their 50-day moving averages, while just 3% of Tech stocks are above. And anecdotally, two stocks that are pretty good measures of how business is going are Deere and IBM. Their declines this week indicate pure economic destruction. The way these stocks are trading, tomorrow’s House vote is already too little and way too late.
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