24 July, 2007

Da Bears take out their Claws

No, today the markets were not pummelled by a certain team for a certain Midwestern town that starts with a C, ends with an O, and in the middle has a Hicag. No, Ditka did not have his mind of 'oter 'tings either.

The market bears today were more vicious than that 80s defense pioneered by Coach Ditka, and they were just as unforgiving. The combination of a long summer rally, the overhang of the mortgage situation, oil uneasiness and disappointing earnings led the market to a broad sell off today.

The final body counts were as follows:
American Markets
Dow: down 226.47 points (-1.62%)
Nasdaq: down 50.72 points (-1.89%)
S&P: down 30.53 points (1.98%)

Canadian Markets
TSX: down 394.41 points (-2.73%)

1 comment:

Anonymous said...


What is your outlook for the rest of the week. With home data and the fed beige book report coming out, these will probably have an adverse effect on equities. However, some major players will be reporting earnings tomorrow and throughout the rest of the week. What's your stand on the direction for the week.