I pulled into Nazareth, I was feeling bout half past dead
Take a load of Annie...and take a load off this tape already! It was a blink-and-ya-missed-it lift out of the gate, and we saw multiple futures sellers come in and plug the S&P. Typically, when a market closes on its lows the previous day, you can expect some testage the next morning. The tapes ability to absorb that selling will ultimately dictate how it trades into the afternoon. In other words, it's early...stay on your toes.
Cautious tells from the front as the NDX, SOX and NASDAQ COMP all tick at yearly lows. Storage, meanwhile, is getting waxed off of the EMC miss, and the journey from teenager to adolescent to hat size is becoming the norm for these once mighty bellwethers. Simply amazing. I am seeing some Vanilla Gorilla (Institutional) buyers floating around underneath (below) in selected techs, but they're not in chase mode (yet). Keep an eye on the S&P as we skate towards our weekly lows, and use 810, 800 and then 775 as support levels.
Swamped this morning...sorry for the terse posts. Juggling as fast as I can.
No positions in stocks mentioned
I just need a place, where I can lay my head
Hey Mister can you tell me, where a critter might find a bed
He just grinned and shook my hand, and no is all he said