Time to open up another daily discussion thread.
Dow futures are currently pointing to an open below the 10,000 mark (currently 9,961), which I expected to put up more of a fight as it is an important round figure. S&P 500 futures are currently off by -10, which, importantly, places the market open below yesterday’s close.
While there’s still time for the market to bounce before the open, this continued weakness in the pre-market arena speaks to some still-unresolved issues in the big world of liquidity.
European equities started the day with a strong push up, but have sagged along with US futures, although which is the horse and which is the cart is hard to say.
This down move is strong enough and broad enough, with such horrible internals (Adv/Dec, New High/New Low), without a meaningful bounce, that it opens the possibility for a major rout.
Look at this sector map, shades of red indicate the severity of decline in the stock in that sector, while gradations in color progressing to bright green would indicate positive advance.
There was no ‘rotation’ between sectors yesterday; they all sold off.
Commodities took a hit while US treasuries advanced. So far, this is a near repeat of fall 2008. Except that gold is holding up a bit better than last time, but it is still taking a hit.
by cmartenson 
