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Minyanville's T3 Daily Recap: Growth, Earnings Jitters Weigh on Stocks

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Tech stocks Apple and Intel are in the news.

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The market dropped sharply Tuesday, following through on Friday's weakness with a quiet Columbus Day thrown in the middle. The Nasdaq continued to show relative weakness, finishing the day down 1.5% while the S&P dropped 1.0%.

The technical damage is starting to add up as the Nasdaq ETF (NASDAQ:QQQ) gave up its 50-day moving average without much of a fight. The QQQ broke $68.17 and closed near lows of the day. The next real level of support is $66-$66.50. The S&P broke its ascending channel after it did a push-through failure on Friday. We have some decent support around 1430 with the 50-day currently around 1424 (and rising).

Early weakness from Apple (NASDAQ:AAPL) helped accelerate market losses, but when the stock bounced hard in the afternoon, the market did not follow. Over the last week, we have highlighted the head-and-shoulders top pattern in Apple with a measured move down to the $620 area. That level coincided with the 100-day moving average, so it made sense as a natural support level. Apple didn't get all the way down to the 100-day moving average, but reversed off a low of $623.55. The stock was down 2.3% by 11 a.m., but managed to climb back to finish the day down only 0.4%. Let's see what today's action leads to.

Intel (NASDAQ:INTC) dragged down the Dow amid news that Intel-owned McAfee Security plans deep job cuts. Intel closed the day down 2.7%.

News that the US government is suing Wells Fargo (NYSE:WFC) on accusations that the company committed fraud with reckless mortgage loans weighed on the financial stocks. Wells Fargo fell 2.0%, leaving a negative taste in traders' mouths heading into earnings season. There are a flurry of bank earnings early in the season, starting with JPMorgan (NYSE:JPM) and Wells Fargo on Friday morning.

Oil has regained its strength as tensions flare in the Middle East, and the metals are trying to cling onto their 21-day moving averages.



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Scott Redler is long AAPL. Short SPY. Traded but flat QQQ, SRPT, JPM, CVX.
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