Market Status: Market in correction.
Stocks up in Higher Volume: Mesabi Trust – MSB, Fossil – FOSL.
Stocks down in higher volume: Cash America – CSH, Ebix – EBIX, Alliance Holdings – AHGP, Lululemon Athletica – LULU.
Comments: The stock market on Monday gave up most of Friday’s sharp gains as selling picked up late in the day. The Dow lost 1.4%. The NYSE and S&P 500 each gave up 1.5%. The Nasdaq took a 1.6% hit. Small caps fell hardest, with the S&P 600 tanking 2.4%.
Monday was one of the quietest sessions this year, which lessened the impact of the decline. It also indicated that institutional investors were reluctant to act as the week’s heavy economic calendar began unfolding.
July personal spending ticked up 0.4%, a shade above expectations. Personal income rose 0.2%. That was below the median forecast for a 0.3% advance, despite a boost from a government extension of jobless benefits. The numbers weren’t rosy enough to put the skittish market in reverse. The major indexes closed near session lows, in typical fashion for a weak market.While indexes struggled, none of the major indexes came close to undercutting their latest lows.
But the recent trend in economic data has not been encouraging, and a lot of reports are on deck. The economic calendar gets busier Tuesday, running straight to August payrolls data on Friday.
Keep your stops close and continue to build your watch list.
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