No Manic Monday, But A Toxic Tuesday

em>Joel Elconin is the co-host of

, a daily trading idea radio show.

Instead of a Manic Monday, the indexes across the board are undergoing a toxic Tuesday. The main culprit is the weak manufacturing data from China that was released when US stock markets include. Mix in a weak close with a bunch of nervous nellie's and the end result is approximately a 300 point loss at this time. In addition, the USA Manufacturing PMI for August came in lower than expected (51.10 vs.Est. 52.60), the prior reading came in at 52.70. That news snuffed out a rally off the open that retraced almost half of the S&P 500 indexes losses when it peaked at 1939.50. The ensuing decline found support at 1921.50 and the rebound has found intraday resistance at 1930.75. The index has not even come close to its premarket low of 1914.00. All of the top ten components in the index are in the red. Leading the way on the downside is Exxon Mobil

shares, which is following Crude Oil lower as it off by $3 at $72.24. It is followed by JP Morgan

shares which are trading lower by $2 at $62.10.