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Minyanville's T3 Daily Recap: Market Turns Red in Last Hour After Quiet Day


The damage was minimal, hardly denting yesterday's sharp gains.

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Stocks closed in the red on Tuesday thanks to a last-hour sell-off. However, the damage was minimal, hardly denting yesterday's sharp gains. The Dow and S&P closed down 0.3% while the Nasdaq slumped only 0.1%. A small pull-back or rest after a big rally is no cause for concern, and the rally remains firmly intact.

The indices were quiet most of the day as strong stocks keep pushing forward. There was a very tight range in the SPY ($141.43-141.83) until the last hour. It was a constructive day overall, and a stock picker's playground.

Not much to report from an individual stock perspective. In an afternoon note on the Buzz & Banter, I mentioned that Sina (SINA) and Ren-Ren (RENN) were waking up a bit, and they took off before the last hour pull-back.

I did sell my Apple (AAPL), LinkedIn (LNKD), and Sohu (SOHU) earlier in the day as they met some of my short term objectives. AAPL pulled in off the highs a bit in the last hour, but the relative strength continues as the selling was muted.

I got stopped out of the rest of my ProShares UltraShort Lehman 20+ (TBT) and I'm taking down some risk as we keep working through this week before quarter-end, but I don't see any reason to run for the hills. Stocks are still rotating and working well.

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Scott Redler is long CZR, Short SPY, QQQ. Traded but flat SINA, RENN, BAC, F, INTC, LVS, DNKN, TBT, MSFT, LNKD, AAPL, SOHU.
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