NEW YORK (TheStreet) -- Just another day in the stock market -- only this time all four major indexes closed on the downside. The volume was once again pathetically low.
The DJIA finished down 44.05 points at 17024.21 while the S&P 500 was down 7.79 to finish at 1977.65. This was the 53rd consecutive trading day that the S&P 500 Trust Series ETF (SPY) has not had a 1% move up or down. Is this a sign of complacency?
The Nasdaq was lower by 34.40 to close at 4451.53 and the Russell 2000 was down 21.41 to close at 1186.74.
Thursday, the last day of the holiday-shortened trading week, the Russell 2000 was the only index that had not surpassed its March 4 high. Well, it is now much lower today. It may not mean that much now but on the other hand it could mean much more than we think. Only time will tell.
The momentum technology stocks that allowed the S&P 500 and Nasdaq indexes to climb higher this year finally had a day of intense selling pressure. Facebook (FB) was down $1 while Twitter (TWTR) was down $1.10. Netflix (NFLX)was down $11.73 and Splunk (SPLK) was down $1.95.
Earnings season is upon us. The next couple of weeks should tell us a lot as to where this stock market is headed. The semiconductor stocks are priced for perfection. Any hiccup and this market can head much lower in a heartbeat.