Markets within the United States have fallen from recent highs as a recent lack-luster U.S. jobs report turned out to be less than Canada which employed more persons even while having about a tenth of the population of the United States. General austerity fears around the globe and the U.S.’s inability to get its budget under control does not help anything, either.
The Dow Jones Industrial Average is down and so is the NASDAQ. Indexes are not alone by themselves, OIL is down as well as silver. Gold, however, seems to be enjoying intermediate market turmoil as it has risen which is not unexpected as investors turn to gold when nothing else looks like a good investment candidate.
Major banks are on their way down charts as well. Citigroup Inc. gapped south at the market open and is making even a larger bearish drive in late-date trading. Bank of America has set a new 52-week low today and reached $10.33 after gapping south much like Citigroup.
The automobile sector is down as Ford and recently re-deployed GM are both down during intraday trading. Foreign auto-maker Honda Motor Co. is faring a little better although unable to escape general austerity fears gripping the globe once again as shares are slightly down. Toyota has seen more bearish movement than its homeland-competitor Honda, however.
GE is generally resilient as they have a hand in nearly everything around the world. They are unable to escape overall negative market sentiment, too. After breaking above the 50-day simple moving average on their daily chart during trading of last Thursday GE is now below its 200-day SMA.
Long-positioned traders are likely wishing it was last Thursday when markets were trading at recent high.