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Market Wrap-Up for May 4 (X, CLF, EOG, EMR, MRK, PFE, more)
As we surmised yesterday, the market was not making much sense ignoring all the concerns that developed over the weekend. Yesterday's rally felt as un-natural as a rally can ever be. Today, the reality set in, and this is despite the good news the attempted Times Square bomber was caught.
We removed some dividend plays from our recommended list this morning so be sure to check them out in the post here if you did not read the e-mail alert we sent out earlier. We may have further changes to make as we absorb more of the data we are currently analyzing. We'll be sure to keep subscribers alerted to further changes.
Looking at today's big drop, we saw commodity plays leading the way lower. The "aggressive" names we removed several weeks back - U.S. Steel ( X ) , Cliffs Natural Resources ( CLF ) and Walter Industries ( WLT ) were among the hardest hit. Earnings results slammed shares of EOG Resources ( EOG ) , Vulcan Materials ( VMC ) and Emerson Electric ( EMR ) as well. Other names that pushed lower included International Paper ( IP ) and Dow Chemical ( DOW ) . Merck ( MRK ) and Pfizer ( PFE ) were able to sidestep the selling for the most part. Volume closed much higher than yesterday, as we did 6.59 Billion shares on the NYSE and 2.88 Billion shares on the NASDAQ.