We were down around 60 points at the open but considering the huge down of the Dow, that felt like nothing. I actually didn't feel the panic during opening. The big down can probably be attributed to the broad based gap down but individually, it wasn't as bad as most expected. We were even able to rally mid-day. However, as closing drew near, the PHISIX dipped further down to close the day at the lows, losing 90 points. A sell off probably occurred as people didn't want to hold overnight positions given Dow Futures was down 100 points. You can also blame Dow Futures for the lack of momentum the whole day.
By the way, at market open, I checked the advancers and decliners. Can you guess the number of advancers at the start of the day? Haha! 4. LOL
Anyway, DMC announced a 0.50 cash dividend with an ex-cash date at June 17, payable on July 15, 2010. Dividend play coming? :D I'm betting on a break above 17.75.
Go, construction! :)
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