Collapse in Nasdaq, Reversal in Dow Has Market Players on Edge

"Rotation" and "parabolic" were the watchwords on Wall Street last week. Today, traders (re-)added "fear" and "ugliness" to the lexicon.

Major Indices INDEX CHANGE % VALUE YR TO DATE Dow 53.36 -0.5% 10,440.53 +13.7% S&P 500 29.52 -2.2% 1289.48 +4.9% Nasdaq 138.43 -5.6% 2345.61 +7% Russell 2000 9.14 -2.2% 412.44 -2.3% TSC Internet 108.21 -16.2% 560.81 +38% TSC E-Commerce 23.99 -18.4% 106.75 +25.4% TREASURY BOND CHANGE VALUE YIELD 30-Year 23/32 96 2/32 5.521%

Money continued to flow into the cyclicals, but the Dow Jones Industrial Average stumbled dramatically from its intraday high of 10,765.75, closing down 53.36, or 0.5%, to 10,440.53. ...