MIDDAY LUNCH

Dow 10309.55  -73.83, Nasdaq 2210.71  -31.31, S&P 1096.66  -11.35 

All three major indices are trading below their 50-day moving average. The technical line had acted as a floor for the market, but today they broke through that level.

Today’s broad based selling has put the market in line to close with its worst performance in two weeks.

Most of today’s selloff can be attributed to a disappointing Consumer Confidence Index for February.  U.S. consumer confidence fell in February to the lowest in 10 months. The Conference Board said its index of consumer attitudes fell to 46.0 in February from a revised 56.5 in the prior month. February's reading is the lowest since April 2009. Economist had expected a reading of 55.0. This has led many to fear a double dip recession.

Energy stocks are among the worst performers today.  They are currently down -1.2%, collectively.  Lower oil prices haven't helped; crude oil prices were last quoted at $78.75 per barrel down -2.0%.

Tech is the worst performing sector overall.  The sector is currently down -1.3% as large-cap tech issues get hit. Microsoft (MSFT) 28.39 -0.33, -1.18% and Intel (INTC) 20.39 -0.47, -2.26%, and Apple (AAPL) 197.21 – 3.21, -1.60%.