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1. Heavy Volume Slams TransoceanBy Gary Morrow
3:39 p.m. EST
The heavy selling began premarket and has remained very heavy throughout the day. The stock's 200-day moving average, which has supplied support since the March breakout, was easily taken out in the early going. The loss of this support has attracted even more selling, lifting today's volume to its heaviest level since fourth quarter 2008.
2. Toyota StrengthBy Tim Melvin
3:27 p.m. EST I continue to be amazed by the strength of Toyota's (TM - Get Report) stock. If this mess had been caused by an American car company, we would have seen the stock at new lows in rather quick order. The executives are being crucified up on the hill today, and the stock is actually up 2 points on the day, despite the lost money last year and trading at 26 times what is a rather iffy earnings forecast for 2010. It is a shame General Motors can't build a decent enough car to take advantage of this, but Ford (F - Get Report) executives have to be downright giddy. This is a prime opportunity to regain market share in leaps and bounds. Position: None