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Stocks slip again, Dow off 106

Mar. 04, 2015 4:25 PM ETBy: Carl Surran, SA News Editor19 Comments
  • Stocks fell for the second straight day, continuing their modest pullback from recent all-time highs and sending the Dow and S&P to their lowest levels in two weeks.
  • The result "is a combination of three days in a row of data that's not terrible but it's not good, and heading into the big jobs report," says TD Ameritrade chief derivatives strategist J.J. Kinahan.
  • Declines were broad-based, with nearly all S&P 500 sectors in negative territory, as telecom stocks (-1.2%) were the worst performers while healthcare was the sole gainer (+0.3%).
  • Investor participation was in-line with recent trends, as ~705M shares changed hands at the NYSE floor.
  • Treasury prices started higher but surrendered those gains and spent the afternoon near unchanged, with the 10-year note ending flat and its yield at 2.12%.

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Comments (19)

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05 Mar. 2015
48 economic data points are misses, 8 are beats from Feb to today- any questions?
manicdvln profile picture
According to CNBC that's all good for the market and economy.
Financial Sense profile picture
1 of 3 technical red flags have been raised for a market top http://bit.ly/1MaGYOx
Bullmarketcall profile picture
Interst rates are still higher as Europ s moving to neg yields
Timing doesn't work. FUD is not an investment strategy.
sadfacejack profile picture
Ides of March or just nervous twitches waiting for the .25% fed hike?

Personally, I would prefer to pull the Band-Aid now and have a minor correct, buy in the dip, and move forward, rather than wait for the fed.
DavidLMO profile picture
More like delayed April fools. Q 1 GDP and Earnings down 6 + % about 2nd or 3 rd week of April. Stocks should at least decline if not start correcting. But given the Zombie BTFDers - maybe not.
Bruce Wilds profile picture
Far too many comments by those bullish on higher equity prices and ever higher markets are basing their strategy on a policy of "don't fight the Fed" and "buy the dips." While this has worked since 2009 it is no guarantee that it will continue to produce results in the future. This mantra will prove very costly when a real correction does occur.

For month after month unspectacular economic numbers have been spun and laundered to confirm we have finally rounded the corner and a strong recovery exist. Still some among us still dare to doubt all is well and think the light at the end of the tunnel is a train boring down on us at full speed. The article below attempts to make a case as to why "buying the dip" is a strategy that has ran its course.

That was a nothing article, and moreover, of a kind that has been appearing intermittently throughout the historic bull run of the past five years. Of course, there could be a correction at any time, but so what? There is still a great deal of liquidity, virtually no prospect of recession, rock bottom interest rates, recovery in Europe, dovish policies in Europe, Japan, and China, no good alternative to equities, and seasonably favourable factors.
DavidLMO profile picture
Liquidity? Where? Let's see the liquidity when the crash starts. Particularly in bonds. Last October will look like child's play. Recession in 12 months. Zombie markets driven by zombie central bankers. There are always alternatives.

WRT to the so what attitude - please keep running up prices. They fall further and faster then. And don't forget to BTFD cause it gives me another chance to short at a higher level.
Last October WAS child's play - barely reached 10%, for about one hour. That USED to be the normal correction that would visit the market a few times a year. "Recession in 12 months"??? Based on what data? Actually the current dip has been precipitated by stellar jobs numbers, worrying investors that the FED will hike interest: the diametric opposite of recession signs. But hey, keep up the fear-mongering - it's a buying opportunity for the rest of us.
Jim Sack profile picture
How many of you guys are short and hoping for a fall?
Not short but sitting on cash I will not put in at these levels or until the fed puts rates back to normal.
DavidLMO profile picture
3 Puts and one Call. I learned long ago not to hope WRT markets - I simply follow them as best I can.
Ray Lopez profile picture
I'm not a chartist, and I got out of the market in 2013 (after getting in--by luck--at the bottom in 2009) but the chart for the DJ-30 looks ready for a big drop any day now.
manicdvln profile picture
There are 7% junk bonds. Even the permabulls getting worrried.
DavidLMO profile picture
Last week mildly sold down into the week's close. Monday looked like a Blowoff. Last 2 days finally showed that stocks can go down - though no biggy - yet.

2 studies I have seen show that the ramp up in February was caused extensively by corporate buybacks.

Lotsa irrationality out there. 2 Billion of BBB rated Junk bonds went off over subscribed at 3.5 %. Yes - really.
BBB rated Junk bonds?
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