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10 W-40: S&P at an Oily 1040 Heading into Holiday Trade

Markets sold off in the last hour as traders reduced risk.  It is the mid-week B-team sell off because the boss is fishing in Wisconsin.  The Dow closed below 10,000 and the S&P at an Oily 1040.  It's mid year and a good time for everyone to back up and review the year.  But lets do that when we get back from the 4th of July...this week has more selling yet and few snap back rallies for the day traders and the B-Team, but Q3 will be about stopping the gushing post Hurricane Alex and a round of earnings from Corporate America.  So head to your local Big Box store and contribute to the holiday retail numbers for WalMart and Sam's, and Costco and KMart...and get some lighter fluid, because this economy needs some flame !!!!

According to the latest available data, the Dow Jones industrial average (DJI:^DJI - News) was down 96.28 points, or 0.98 percent, at 9,774.02. The Standard & Poor's 500 Index (^SPX - News) was down 10.53 points, or 1.01 percent, at 1,030.71. The Nasdaq Composite Index (Nasdaq:^IXIC - News) was down 25.94 points, or 1.21 percent, at 2,109.24.

Disclosure: no positions