The day that was - July 16th 2007

Today started out looking good. Many of the sectors were either positive or were neutral. Then without notice things started to change. For a period of time today it was as if the big money was spinning a bottle to pick what sector they would put their chips. Then the financials took a nose dive towards the end of the day.

The DOW ended the day up but when you lift the hood we actually had a down day. Declines led advances by a fairly sizable margin. On the Nasdaq the advances was 33% vs declines of 63% (4% unchanged). And those ratios were similar on the other boards.

If was a strange trading day to say the least. By lunch time it was difficult to get a handle on what the best sectors really were.