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Minyanville's T3 Daily Recap: Tech Surges, Financials Lag as Market Maintains Bullish Composure


The market seems to have entered a new stage, where dip buyers feel more comfortable stepping into the fray on weakness.

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The Nasdaq trended higher all day Thursday after a slightly lower open, leaving the blue chips in the dust on its way to a 0.6% gain. The Dow and S&P, weighed down by an unenthusiastic response to JP Morgan (JPM) earnings this morning, both finished off 0.3%. The two indexes were weak early, but the S&P held its first definable support level around 1190 and pushed higher into the close.

JP Morgan exceeded Wall Street estimates with its earnings report, but it wasn't enough to change the consensus opinion that the industry is undergoing a major paradigm shift in terms of earnings expectations. The entire banking sector was weak today as a result, with the Financial Select Sector SPDR ETF (XLF) closing down 2.4%.

Tech is an altogether different story. While financials are a headwind for the market, tech is the engine right now. Perhaps foreshadowing a strong earnings report from Google (GOOG), the tech heavy Nasdaq pushed higher all day. GOOG delivered after the close, boosting net revenue by 37% and beating estimates handily on the top and bottom line (non-GAAP EPS of $9.72 vs. the $8.77 expected, and revenues of $7.51b vs. $7.21b expected). The stock is up around 6% after the report, and other soon-to-report tech stocks, like Apple (AAPL), are tracking those gains.

The market seems to have entered a new stage, where dip buyers feel more comfortable stepping into the fray on weakness. Over the past few weeks we have seen the market sell-off sharply following low-volume bounces, but this move certainly has a different feel. Buoyed by what looks like another strong round of corporate earnings, we could see a strong fourth quarter to close the year.

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