Market Struggles: Uptrend Under Pressure
The market struggles today, with all major indices down. At 10:45 am CDT, the DJIA is down about 220. The S&P 500 has lost nearly 30 points.
This is really no surprise to me. The last uptick in the market was on lower than average volume, which means (at least to me) there wasn't a lot of enthusiasm from the large institutional guys and gals.
There were other indications of some weakening in the economy, such as housing starts down 9 percent in January. KB Home and Lennar, large new home builders (I live in a new KB Home), reported lower than expected earnings and revenues. While mortgage rates are slightly lower, they are still higher than historic lows.
Reports by Schwab this morning included: "European equities are trading mostly to the downside in afternoon action, with concerns of a decline in economic growth seeming to trouble investors. Also, weak economic data out of China is weighing on the markets, while global growth uncertainty remains a source of touchy sentiment..."
|SPY which tracks the S&P 500 as of 10:45 CDT March 27|