Broad Based Tumble, However, Here Are The Pockets Of Strength
The major stock indexes are all declining sharply lower this morning to start the day. The sell off is broad based as just about every sector in the market is selling off sharply. The only sign of strength in the market is in the U.S. Dollar Index. The U.S. Dollar has been one of the weakest currencies in the market as of late. The $77.31 level will be some short term resistance for the U.S. Dollar Index.
The other area of strength in this market today looks to be in bonds. The iShares Barclays 20+ Year Treasury Bond(NYSE:TLT) is trading higher by 0.35 cents to $90.87 a share. The move higher in bonds is not spectacular, however, it is trading higher as some fear is now in this market this morning.
Many traders and investors will watch the Market Volatility Index(VIX) for direction of the amount of fear in the market. The VIX is higher this morning by $1.62 to $21.87. The iPath S&P 500 VIX Short-Term Futures ETN(NYSE:VXX) is higher by $1.33 to $33.60 a share.
Traders can watch the airline stocks this morning as they may catch a bid due to the decline in oil. Delta Airlines Inc.(NYSE:DAL), United Continental Holdings Inc.(NYSE:UAL), and AMR Corp.(NYSE:AMR) are all trading higher.