Reply #57: 1:14 EST losing momentum [View All]

[UpInArms]

Dow 10,463.21 +43.62 (+0.42%)
Nasdaq 2,125.82 +8.98 (+0.42%)
S&P 500 1,218.25 +2.96 (+0.24%)
10-Yr Bond 4.282 +0.34 (+0.80%)

NYSE Volume 1,101,841,000
Nasdaq Volume 867,708,000

1:00PM: Not much has changed over the past half hour, as the major averages continue to vacillate in roughly the same ranges... The Industrials (-0.1%) and Health Care (-0.1%), however, have recently dipped below the unchanged mark. Relative weaknesses in construction and farming (-1.2%), industrial machinery (-1.0%), and diversified commercial and professional services (-1.1%) have challenged respective gains of 1.1% and 1.0% in aerospace and defense and environmental services...

Healthcare has lost ground as gains from mainstays like JNJ, PFE, MRK and UNH have been overshadowed by Abbott Labs' (ABT 42.76 -1.46) 3.4% tumble. Shares have hit a fresh 2005 low this morning, trending downward after announcing late Friday that it lost a patent infringement case against Boston Scientific (BSX 23.96 -0.40), and following Bear Stearns' subsequent removal of the stock from its focus list...NYSE Adv/Dec 2055/1122, Nasdaq Adv/Dec 1892/1029

12:30PM: As trading enters the lunch hour, market still holds onto the bulk of the day's gains even as crude turns positive... While oil has climbed to $64.40/bbl, the market has keyed in on the fact that Energy now trades at its best levels of the day. The sector, which has surged 1.3%, has found support from notable jumps in Haliburton (HAL 66.48 +1.47), Apache (APA 75.55 +1.69), and Transocean (RIG 61.13 +1.38) while Exxon Mobil's (XOM 64.62 +0.79) 1.2% rise has lent support to the Dow...