Market Lower Heading Into The Weekend

1:00pm (EST) The market is struggling for direction as we head towards the closing bell. Unless we get a major turnaround, it looks as though the bears are going to take this week’s round. The Dow started the week at 9,820 and is down about 170 points, including today’s current 52 point loss which puts us at 9,654. There were a number IPO’s (Initial Public Offerings) yesterday and quite a few secondary offerings. This week’s IPOs have been the most since 2007, and today, Shanda Games (GAME, $11.93, down $0.57) got initiated on the Nasdaq. The other IPO’s that went public this week include: A123 Systems (AONE, $19.00, down $1.29), Artio Global Investors (ART, $26.69, down $0.56), Alexandria Real Estate Equities (ARE, $54.00, up $0.71), and Colony Financial (CLNY, $19.39, down $0.11). Earnings season is right around the corner so next week could be volatile as traders position themselves ahead of the announcements. Alcoa (AA, $13.10, down $0.41) will kick things off starting October 7th so mark your calendars. I’ll be back Sunday night or Monday morning with the playbook for next week. There are no updates or new trades in the Members Area this afternoon but our latest option trade in Moody’s (MCO, $19.44, down $0.44), which we opened yesterday, is off to a good start. Rick@MomentumOptionsTrading.com]]>

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Market Lower Heading Into The Weekend

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