Lets take a look at the numbers there for you. The dow is currently off by 266 points. The s p is down by 41 and the nasdaq, look at that, a 2. 6 drop, 125 points being shed off the nasdaq. All three are now in correction territory. Lets get more on the trading action on the floor of the stock exchange. Its a pretty ugly day, it really feels like the market is having a lot of difficulty finding its footing. A number of different factors at work. You had the weaker close over in europe. You also had the disappointing Industrial Production or industrial profit numbers out of china today. Add to that the weakness, the continued weakness in the commodity space. Oil is down. Hasnt broken through that 44 level but youre also seeing weakness in zinc and copper, et cetera, and gold today. All of that is keeping pressure on the markets. The s p also breaking below that 1900 level. People were watching that. Right now were watching the russell as well below that 1100 number as well. One of the r
Dollar man Richard Madigan what hes putting to work in the Fourth Quarter. And a big hurricane heading to the east coast of the united states. It will certainly bring some rain to the ooebs coast over the next few days. First though, lets check in with mandy at the nyse. Hi. Hi there, tyler. It may be very wet and very sort of gloomy and gray out there on wall street but we have a mini rally going on. Stocks are definitely losing steam though. We might be up by triple digits on the dow, but were well off the highs of the day. We were up 248 appointments at the high. Now up by 110. As for the s p, its gaining by 16 points. The nasdaq also in the green. Lets get more with our good friend bob pisani back from laguna beach. Lucky you. A wonderful time out there. Come back to a hurricane. Is this a worry, sell into rallies mentality thats going on here . Or is there Something Else at play . We had great steam going into the european close and have lost it ever since. Lets look at the s p 50
Ever. Pfizer and allergan coming together in a 160 billion plus deal and shares of both companies are moving down. Allergan the single most favored stock owned by hedge funds. Its up 20 this year. What are the other names the smau socalled mart money likes right now . The smart money moniker depends on performance but in any case allergan was number one according to the quarterly roster that Goldman Sachs puts out based on quarterly filings followed in short order by big gainers like facebook and alphabet and amazon up 37 , 47 , and 127 respectively. It was a period in which hedge funds increased their net exposure to the tech sector to nearly 18 and cut their exposure to health care marginally according to goldman basing their findings on a sample of over 800 fundamentally driven stock funds. The troubled valeant pharmaceuticals, one of the most popular from the Second Quarter list, was actually dropped altogether in the Third Quarter and that, interestingly, was before allegations su
Great. And actually not a lot of movement in the indexes although we did have a little bit of a roller coaster ride this afternoon. We are down across the board here. We were doing much worse and although much of the day we been unchanged, the volume has been very weak pretty much across the board. Index,look at the s p you can see a really defensive play building up as far as the indexes. Take a look at my bloomberg terminal and you can see the winners are telecom, energy, the losers health care, syndrome Consumer Staples and consumer discretionary. The real concern after black friday, after cyber monday, weve got a lot of Retail Stocks that just are not doing well. Take a look at under armour, lululemon, any of these Retail Stocks, there is real concern that they are discounting too much. Analyst notes coming out, lululemon cut 200 points, Piper Jaffray saying under armour is too emotional. That is the problem as far as analysts are concerned with retail, that they are just giving aw
Game plan for 2016. But first, so long, santa claus. Only three days left in 2015. Guess what, folks, there is no santa claus rally in site. I can see a whole lot red with the major averages lower today. As oil is dropping again. The dow now poised for its first negative year since 2008. Pete, kick it all off. Did you expect 2015 to be so volatile, number one . And number two, kind of lackluster once the score is in. When you look at where the markets been, its been very much in a tight range. Weve talked about this rotation, which has occurred for what seems like the entire year. When you look at last week, it basically encapsulated what weve seen throughout the year. Which is we started bat eed at 2020. Here we are in the 1700s. Thats the kind of year were in now. I think well see a lot of that as we try to get to all the different numbers and interpretations of whats going on global. How many times did the s p go over that breakeven line . Dr. Jay what do you think for 2016 . I dont