But this time I mean it, I am outta here.
From Investor's Business Daily:
1:34 PM ET
Wall Street presented a lump of coal for Christmas as the stock market extended its slump for a fourth straight day and the S&P 500 entered a bear market.
The key indexes gapped down at the open and pared their losses before sinking to session lows. The Dow Jones industrial average cratered 2.9%, the S&P 500 plummeted 2.7% and the Nasdaq plunged 2.2%. Small caps fared better, with the Russell 2000 down 1.4%. The S&P 500 is now 20% off its September peak, which officially marks bear market territory.
According to preliminary numbers in the stock market today, volume was lower across the board vs. Friday. The market closed early for Christmas Eve. Friday's volume was sharply elevated due to quadruple witching.
The Dow suffered the worst drubbing — with all 30 component stocks selling off more than 1%. Thirteen blue chips lost 3% or more each, led by Nike (NKE) (down 6%), and Microsoft (MSFT), Procter & Gamble (PG) and Johnson & Johnson (JNJ) (down 4% apiece).
Procter & Gamble tumbled well below its 50-day moving average for the first time in more than two months. Volume was lighter than usual, but the sharp breach of the support line triggered a sell signal. P&G is 10% off its 52-week high; J&J and Nike are a respective 17% and 20% below their peaks.
Home Depot (HD), Visa (V) and Walmart (WMT) held up better as they gave up less than 1% each.
Automakers, utilities and energy stocks were among the biggest sector losers in the stock market today. Oil stocks got hit amid a 5% plunge in West Texas intermediate crude prices.
Tesla Crashes
Tesla (TSLA) slumped more than 7%, piercing its 200-day line for the first time since late October. Shares sank further below a 366.85 handle buy point, after triggering the 7% to 8% loss-sell rule last week. They're now 23% below the entry. Tesla cut prices on Model 3 cars in China and said it would reimburse U.S. customers who missed tax credits due to production delays.
The few industry groups bucking the sell-off included gold miners, generic-drug makers and retailers....MORE
