In the Red

June 14, 2006 5:44am by

We know the Nasdaq 100 (NDX) has been negative YTD for some time now; How about the other major indices?

The Dow is now YTD negative:
(click for larger charts)
Djia_ytd

The Russell 2000 has barely slipped into the red yesterday:
R2k_ytd

Even more in the red is the SPX:
Spx_ytd

Still in the Green: The Dow Transports:
Trannies_ytdgif

Here’s how much global markets have been tagged for, via today’s WSJ:

Stox_20060613200817

Courtesy of WSJ

Sources:

US Indices YTD data via Big Charts.com

Interest-Rate Fears Drive World-Wide Slide
As Some Markets Fall 20% or More, Investors Fret Continued Selling Could Gain Momentum of Its Own
CRAIG KARMIN
WSJ, June 14, 2006; Page C1
http://online.wsj.com/article/SB115024429813879527.html

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What's been said:

Discussions found on the web:
  1. enrico commented on Jun 14

    I wonder how is it that the guys at bigcharts still cant fix their Dow Jones data. Look at that chart, looks more like a ribbon than an index!

    See how it really is at
    stockcharts    :

    I guess they have the Dow Jones data from yahoo finance.
    Weird!

  2. John Navin commented on Jun 14

    Classic A-B-C down on the averages, Barry. That, combined with the sentiment and breadth indicators, suggest it’s time to wade back in. I love that JNJ chart.

    Could be wrong.

  3. whipsaw commented on Jun 14

    I would never go long in this market, but I did cash in all of my puts at the open and will probably just stand aside for the next week or two, then see whether it’s time to buy them back.

  4. Mark commented on Jun 14

    We have now sold off two attempts at a rally. Third times a charm?

  5. GRL commented on Jun 14

    Here’s why you are going to get your “summer rally” or “bounce,” or whatever you want to call it:

    Japan’s Zero Rate
    May Stick Around

    Stock Selloff Seems Likely
    To Delay Any Move by BOJ
    To End Five-Year-Old Policy

    By YUKA HAYASHI

    June 14, 2006; Page A6

    TOKYO — Sharp declines in stock prices may force the Bank of Japan to delay the end of its five-year-old policy of 0% interest rates, giving the Japanese economy more time to benefit from rock-bottom lending rates.

    * * *

    http://online.wsj.com/article/SB115020812081778925.html?mod=ITPWSJ_1

    Given the extremely heavy debt levels in the Japanese economy, this is totally predictable, as was today’s rally off the bad CPI number . . .

  6. toddZ commented on Jun 14

    Can you believe this crap? I’m bearish ALL YEAR and then take a long trade at the last bouce only to get cooked! LOL I really thought the selling climax last week was going to be the end… but it doesn’t look that way.

    I violated one of my most important trading rules: 1) don’t buy into a decline. 2) don’t sell short into a rally.

    I don’t think this is going to be over until copper sells down to $2 and/or energy corrects. And an energy correction will totally KILL this market.

    Art Cashin has had some GREAT comments recently. Today he called this LTCM meets the Hunt Brothers, and doesn’t think the sell-off will end until someone gets called out on the floor and/or goes belly up.

    So far this sell-off has been fairly orderly. We may need to see some panic before this is done.

    NO BUYING THE BOUNCES.

  7. me2200 commented on Jun 14

    If the BOJ wanted to help Bernanke, they would tighten further, ASAP. Yes, it will hurt the Nikkei, but in the long run it won’t matter that much.

    “I don’t think this is going to be over until copper sells down to $2 and/or energy corrects. And an energy correction will totally KILL this market.”

    I totally agree. Copper was at $2.95 today, down 25% from its $4 highs.

    Getting oil down will take a lot of hikes, but I think that is what it will take. Either that or an all out collapse of the housing market. Judging from the recent press clippings at http://thehousingbubbleblog.com/, that might not take much at all.

    “Bies reiterated her concerns that real estate loan concentrations are high relative to capital, especially for smaller banks with assets of $100 million to $1 billion. The concentration level for these banks is about 400 percent of total capital, or twice the level of the late 1980s and early 1990s, a period of considerable loan loss problems in the banking industry.”

    http://thehousingbubbleblog.com/?p=869

    “Art Cashin has had some GREAT comments recently. Today he called this LTCM meets the Hunt Brothers, and doesn’t think the sell-off will end until someone gets called out on the floor and/or goes belly up.”

    I love Art. I turn on CNBC at 2:40 just to hear what he has to say. Priceless. I agree that there isn’t enough pain yet. This has been too orderly. Surely there is a hedgie somewhere over their heads, just waiting for the market to climb a bit before dumping. With the fall in gold and emerging markets, there must be at least one somewhere.

    I agree, no buying the bounces. Today was darn anemic. Was the last movement up a rally or an accident ?

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