The word for today is capitulation

The market was heading ever higher with seemingly unstoppable speed. Then all of the sudden crash!! The dollar was hitting 22 month lows against the Euro. The market was also seriously overbought. The correction came and there was no where to run and no where to hide. My guess is that this market will be stuck in the mud for at least a few days if not weeks. The Nasdaq closed down $54.34 and the Dow closed down $158.46. The high flyer's were hit the hardest. Following are some stocks:

CSCO: $25.80 down $1.04
BIDU: $106.85 down $7.14
RIMM: $135.30 down $6.26
AMZN: $40.85 down $1.56
AAPL: $89.54 down $2.09
BA: $87.37 down $2.40
JCG: $40.21 down $3.07
NYX: $101.11 down $7.15
CME: $532.77 down $20.47
BOT: $157.12 down $6.83

It was not a good day to be in the market unless a person was short. I don't believe that tomorrow will be a bad day but I also don't believe it will be stellar. Time to do a little risk management with the portfolios.

GL investors

Disclosure: I am not currently long or short any of the positions in this post.

Note to all readers:This post and all other posts in this blog are for entertainment purposes only. All of the stocks described are very highly speculative. Investing in the stocks mentioned could produce severe losses if you were to invest in these stocks. None of these stocks represent a recommendation in any way. As an individual investor, you have to assume your own risk. Prior performance is no guarantee of future returns.