Nasdaq A/D is worse than 2 to 1 negative, the Up/Down volume is also poor, at 7
to 1.5. Not quite a 10 to 1 down day, but pretty ugly.
NYSE is marginally better: A/D is 5 to 3 to the downside, while up/down
volume is just over 2/1 negative.
Nasdaq appears to have broken its uptrend, while the SPX and Dow have not.
My friend Cody Willard is a hedge fund manager, focused on telecom and technology. He and I had an interesting public debate yesterday, on P2P, downloading and the music industry.
This was originally published on the (subscription only) RealMoney.com, but is reproduced here with permission. It got enough positive feedback that I thought Big Picture readers might find it intriguing. For your reading pleasure, Me vs. Cody. Enjoy!
The effects of piracy on the economy and the world are just getting started.
Music company EMI told investors today that it would miss sales
projections for the year by about 9%. Trading in England, the stock took a huge
hit on the news, wiping out billions of dollars of value.
Music content sales such as records, tapes and CDs have long trended with the
broader economies. With global economies steadily growing the last couple of
years, the music business should have been on fire. Alas, that is not the case,
and the single biggest reason is piracy.