Slip Sliding Away
The major stock indexes started the morning trading sharply higher. At 10:00 am EST the SPDR Dow Jones Industrial Average(NYSE:DIA) traded as high as $116.97 a share. Since that high pivot the major stock indexes have been slowly declining throughout the session. The highly traded and followed DIA is now trading lower by 0.09 cents to $115.26 a share. The SPDR S&P 500 Index Trust(NYSE:SPY) and Powershares QQQ Trust (NASDAQ:QQQ) have also declined sharply this afternoon reversing earlier gains. Traders can watch for intra-day support on the DIA around the $114.95 and $114.00 areas.
Some leading stocks that have sold off today include Biadu Inc.(NASDAQ:BIDU), Netflix Inc.(NASDAQ:NFLX), and International Business Machines Corp.(NYSE:IBM). When the leading stocks in the market fail to hold early gains it is a sign of some short term intra-day selling pressure.