This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

The Market Correction Deepens: Dave's Daily

Yesterday's oversold bounce was just that and now we're getting oversold again. The dollar's sharp rally Wednesday took most commodities, except precious metals, to the woodshed. So why would the dollar rally with a trifecta of lousy economic data? It's more likely repatriation and a flight to safety as risk avoidance remains job one.

And, the data was horrible led by the Empire State Manufacturing data (-7.8 vs 14 expected), Industrial Production (.1% vs .2% expected) and the Housing Index (13 vs 16 previous) which combined to hit stocks hard. Yesterday's theme, "not as bad as feared" was quickly forgotten for the spin it was.

Sure, folks are worried about Greece but it's a small country. Nevertheless, it's symbolic of the debt crisis contagion moving around the developed world from PIIGS to as far as Madison, Wisconsin. Political leaders must confront realities born of this growing cancer. It won't by pretty, it won't be fun but it must be done. Where's the leadership?!

What's next?

If you care, there's Jobless Claims Thursday (Care to guess? Most experts are just picking numbers out of the air now); Housing Starts and the Philly Fed Survey.

Volume Thursday was again much higher on selling than the previous rally. Breadth was quite negative and approaches another 10/90 day.


You can follow our pithy comments on twitter and join the conversation with me on facebook.

Continue to U.S. Sector, Stocks & Bond ETFs

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
USL $26.05 -0.34%
SPY $210.46 0.11%
XLF $24.41 0.41%
DJP $28.92 -0.28%
FXE $108.51 -0.43%


DOW 18,135.72 +38.82 0.21%
S&P 500 2,101.04 +2.51 0.12%
NASDAQ 4,982.8090 +15.6680 0.32%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs