Market Alert - Midmorning

After starting higher and a decent move by the growth stocks, the indices have reversed rather dramatically.

SP500 -15.23, -0.64%
NASDAQ -47.36, -0.80%
DJ30 -126.93, -0.60%
SP400 -1.35%
RUTX -1.21%
SOX -1.15%

Europe closed and the market was selling into that close, purportedly on fears that after the President's meeting with House lawmakers that even passing the proposed healthcare overhaul in the House is problematic.

Financials are selling off and cracking the 50 day MA's. This has been a straight down drop that has yet to try a bounce. We will see what kind of bounce can be mustered after this initial scare lower. That will tell more of the tale.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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