Stocks sank, as the lack of progress by American lawmakers in reaching a deficit-cutting agreement magnified worry that Europe’s debt crisis would spur a global downturn. Tech stocks joined broad-based sell-off, with Hewlett-Packard loosing 4% ahead of its first earnings report under new CEO Meg Whitman. LinkedIn fell almost 3% as approx. 24 million shares that had been under lockup since the co.’s initial public offering in May became available for sale or purchase on Monday. Research In Motion gave up 4.6% after JMP Securities cut its rating to underperform or sell, from market perform. In the evening trade HP rose 0.5% on better than expected results. Also, Brocade rose 5.6% after the upbeat earnings, meanwhile Analog Devices was virtually unchanged after slightly weaker than expected report. Implied volatility surge above the 30 level on moderate volumes.NEAREST RESISTANCE LEVELS: 55.55, 55.8, 56.8, 58.1, 58.3, 59.1, 59.3
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