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 firstname.lastname@example.org.
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