Stock Market Update - Tue Jul 24 14:30:01 EDT 2007

[BRIEFING.COM] More of the same for the indices as sellers remain in complete control of today's action. All three major indices were recently down more than 1.0% as the Dow briefly slipped below the 13800 level. Market breadth also remains decidedly bearish as decliners on the NYSE hold a more than 5--to-1 edge over advancers while those on the Nasdaq hold about a 2.5-to-1 margin.

The ratio of down to up volume is even more divergent which further dictates the conviction with which sellers feel the market has gotten ahead of itself and that it may take longer than anticipated for the housing correction to subside. Countrywide Financial (CFC 29.90 -4.16) also recently noted that it hasn't seen this type of home price depreciation since the Great Depression.

NYSE Adv/Dec 488/2793...Nasdaq Adv/Dec 641/2324