Markets Tumble On Profit Taking Buy CLL

Anonymous Accumulation Of CLL And So Should You

Buy When The Pros Buy Low Not When The Sheep Buy High

Manipulating The Stock Up To 1.51 in the last few weeks, cashing out and then now they are buying up shares again today

Same Old Market Games, Nothing Caused CLL To Go Up and Now They Cash Out

Well I was a buyer at these levels getting ready for the next bullrun.

After the Bell


The close: Very ouch

RTGAM






Suddenly, bullish investors have some explaining to do. After six weeks of fairly steady gains, North American indexes were dealt body blows on Monday, delivering their worst one-day setbacks since the remarkable stock market rally began in March.


The Dow Jones industrial average closed at 7841.73, down 289.60 points, or 3.6 per cent. The broader S&P 500 closed at 832.39, down 37.21 points, or 4.3 per cent - marking the biggest setback for the index since March 5.


Of course, there was no shortage of voices suggesting that the rally - the best since 1938 - was at risk of falling back to more moderate levels, simply because stocks tend to do that. Others suggested that the grim realities of the U.S. economy were bound to make the rally look far too optimistic.


However, this setback was marked by a violent retreat from U.S. bank stocks, suggesting something more specific at work here: Investors didn't like what they saw in Bank of America Corp.'s first quarter earnings, released before markets opened on Monday.


The shares tanked 24.3 per cent, despite reporting earnings of $4.2-billion (U.S.), after investors concentrated instead on rising credit loss provisions and the chief executive's warning that the bank faces "extremely difficult challenges." In other financial moves, Citigroup Inc. fell 19.5 per cent and Wells Fargo & Co. fell 16.1 per cent.


International Business Machines Corp. fell 0.8 per cent before it released its first quarter earnings after markets closed. Earnings were $1.70 a share, above expectations for $1.66 - but the shares fell 2.4 per cent in after hours trading.


In Canada, the S&P/TSX composite index closed at 9126.15, down 311.50 points, or 3.3 per cent. It was the index's sharpest drop since March 2.


Financials followed the U.S. lead, handing back some of the amazing gains of the past six weeks. Manulife Financial Corp. fell 7.8 per cent, Royal Bank of Canada fell 3.8 per cent and Toronto-Dominion Bank fell 5.4 per cent.


Energy stocks were also weak after the price of crude oil fell about 9 per cent. Suncor Energy Inc. fell 7.3 per cent.


Gold producers were among the few bright spots in the market, after the price of gold surged nearly $17 an ounce, to about $885. Goldcorp Inc. rose 7 per cent and Barrick Gold Corp. rose 7.9 per cent.

Copyright 2001 The Globe and Mail