Slips and Slaps
The early sniff out of the gate is focusing on the AOL and NOK news and traders have decided to make sales first and figure it out later. The slippage in these two behemoths is (thus far) overshadowing last night's positive news from TXN and CTXS. Also, Lord Tush called in from across the pond to let us know he's seeing some selling in the financials on the heels of the Barclay's miss. Blimey!
A check of the morning breadth shows losers outpacing winners better than 2:1 but it's uuber-early. The consumers stand out on the buyside as they're holding their own into the early morning degradation. An ultra-svelte bald little birdie keeps whispering in my ear that these names are ripe for a trade and he's been good in these names...so you know. Anything with four letters, meanwhile, is taking it on the chin as tech continues to come under pressure. On the flow front, I've been hearing some grumblings of alligator sightings (allocation out of stocks) and while I can't confirm that, I wanted to pass it along.
It's a long day, my friends, and there's still a truckload of information to come so stay sharp and keep an eye on the newswire. Mr. Chambers should be hitting the tape next (CSCO) and that will surely color the action.
Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at email@example.com.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter