Trading on the Nasdaq exhibited panic-like buying behavior late Monday morning, even as the broader market softened in the last trading session in November. Nasdaq Composite COMP,
fell 0.8% at 12,111, while the Nasdaq Arms Index, a volume-weighted breadth, fell to 0.332. Many on Wall Street see falling below 0.500 as a hint of panic buying. The weapons index is calculated by dividing the ratio of the number of forward stocks by decreasing by the ratio of the amount of forward stocks to decreasing volume. As the stock market rises, arms often fall below 1
fell over 400 points or 1.4% to 29,502, while the S&P 500 index SPX,
traded 0.9% lower at around 3,605. Despite the decline, the Dow may still be able to record a betting monthly win since 1987, while both the Dow and S&P 500 were aiming for their best November since 1928.