Bearish 'Arms' data reinforce broad market weakness
NEW YORK (CBS.MW) -- As if the declines in the major market indexes aren't bad enough, market volume data is making the market look even worse. The Arms Indexes, which relate the number of advancers and decliners with up and down volume, was at 1.99 for the NYSE and at 2.20 for the Nasdaq exchange. Readings above "1" are considered bearish. Meanwhile, decliners are trouncing advancers by a 1,962 to 1,116 margin on the NYSE and by a 2,070 to 946 score on the Nasdaq. Down volume was 652 million shares on the Big Board and 1.02 billion shares on the Nasdaq, vs. up volume of 181 million shares and 202 million shares, respectively. The Dow industrials ($INDU) fell 97 points to 9,516 and the Nasdaq Composite ($COMPQ) slid 38 points to 1,847.
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