MIDDAY LUNCH

Dow 10153.18  -291.18, Nasdaq 2220.25  -78.12, S&P 1080.25  -34.19 

Stocks are near their session low on light volume today.  The sell off began as soon as the markets opened this morning.  The blame again can be placed on Europe, a falling Euro and a larger than expected jobless number.

Commodity prices are again under pressure since they are traded in US dollars and some fear Europe’s problems could cause the global economy to slow down.  Oil is trading at 64.29 -5.58 some of the selling may be attributed to margin calls since oil prices have fallen dramatically.  Gold is also lower trading at 1184.80 -8.30 an ounce.

Currently more than 98% of the S&P 500 stocks are now trading in negative territory and the Volatility Index (VIX) often called the fear index has risen +25% to a new 52 week high.  The last hour of trading could cause more selling pressure as possible margin calls kick in.

The worst performing sectors are Basic Materials -4.52%, Capital Goods -4.24% and Conglomerates -3.78%.

Treasuries are seeing wide support with prices up more than one point bringing the 10-year Note yield down to 3.25%.  The last time the yield was at that level was last November.