Red’s Bull Alert: The S&P 500 is up 56.2% from its March 9, 2009 bottom.

Re-cap of the US Stock Market Action for the session ending 8 February 2010

Monday the US’s DJIA closed below 10,000 for the 1st time since November.

Some folks are saying that Wall Street has cut through critical Key levels, with the DJIA back below 10,000 and the benchmark S&P 500 now off 8.1% from its 15 month closing high on January 19.

The S&P 500 is still up 56.2% from its March 9, 2009 bottom.

The DJIA lost 103.84 pts, or 1.04%, to close at 9,908.39, the S&B 500 dropped 9.45 pts, or 0.89%, to close at 1,056.74 and the NAS tallied up a minus 15.07 pts, or 0.70%, to end the session at 2,126.05.

The US financial sector is under pressure due to tougher rules proposed by the Obama administration recently to curb banks’ risk taking. “Any proposed taxes or further regulation on US banks also still looms in the background until Congress give further guidance and/or stops Obama’s jawboning headline reforms.

The sell-off was broad-based, with all but two of the 30 Dow components ending lower.

Volume and Breadth: there was a total trade of 7.91B/shrs on the NYSE, the American Stock Exchange and NAS, that is well below last year’s estimated daily average of 9.65B/shrs. Decliners outnumbered advancers by 9 to 5 on both on the NYSE and NAS.

Stocks to Watch Today:
Alcoa, Inc. (AA), The Home Depot Inc. (HD), and Polo Ralph Lauren Corporation (RL)

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Posted by Paul A Ebeling Jr on Feb 9th, 2010and filed underMarkets, Stocks, USA.You can follow any responses to this entry through theRSS 2.0You can leave a response by filling following comment form or trackback to this entry from your site