The major index composites dropped lower today after the indices spent three
consecutive days of trending in more positive territory. As the trading session
approached mid-day, the DJIA, Nasdaq and S&P 500 were all trending red. Futures
were positioned lower this morning and a significant drop in stock index trend
lines posted with the open today. Indices took positive cues from the stronger
Asian and European stock trends yesterday and today, they continue to take cues.
The cues however are skewed towards the negative. Asian markets ended their
respective session mixed and European stocks are moving decisively lower. Just
as positive sentiment spilled over yesterday, negatively skewed sentiment
overflows into the U.S. marketplace today. As the halfway point in the trading
session approaches, the DJIA is red by .58 percent at 11,416.07. The Nasdaq is
lower by .76 percent at 2,536 and the S&P 500 is red by .63 percent at 1,197.
Gold is surging higher amidst the growing concerns. In addition, negative news
posted today in the housing sector. Reports posted that housing starts fell 1.5
percent in July to an annual rate of 604,000 and permits to build new homes
dropped lower as well. Permits fell by 3.2 percent. These posts also added
negative buzz for investors on Wall Street to digest this day. Frank Matto
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