Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Tanking Tuesday

Published 07/10/2012, 12:42 AM
Updated 07/09/2023, 06:31 AM
NDX
-
JOY
-
CMI
-
QCOR
-

This afternoon, the major stock indexes have fallen apart. Every important stock index has given up its early gains for the day. Earlier today, the SPDR S&P Trust (NYSEARCA:SPY) traded as high as $136.23 a share, however, this afternoon the SPY is trading lower by $1.28 to 134.04 a share. This is certainly an ugly bearish reversal if we have ever seen one. Short-term traders should watch for some intra-day support around the $133.40 area.

Some of the leading stocks that have shown major reversals today include Questcor Pharmaceuticals, Inc (NASDAQ:QCOR), Joy Global Inc (NYSE:JOY), and Cummins Inc (NYSE:CMI). It seems that every active investor is waiting for another stimulus plan by the central banks in order to catch a rally. Until the central banks announce more quantitative easing it would be prudent to expect these markets to remain weak.
SPY CHART

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.