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Minyanville's T3 Daily Recap: More Heavy Selling in Market, but Stocks Recover Into Close


Investors are concerned about the end of QE2 and the Greek crisis, which still has no resolution.

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The major indices were weak again Thursday, turning sharply lower in the early afternoon through the previous low before bouncing back above before the close. The Nasdaq continued to show relative weakness, while defensive stocks outperformed, continuing the risk off trend and rotation into safer equities. Investors are concerned about the end of QE2 and the Greek crisis, which still has no resolution.

Chinese Internet stocks got a boost this morning from a big upgrade from Goldman Sachs, which put a $55 price target and conviction buy rating on Inc (YOKU). The performance of those stocks during the session, however, would indicate that that particular analyst does not have a lot of credibility. After gapping up 11% this morning, YOKU closed red, down 2.8%. Ecommerce China DangDang Inc (DANG) got a boost from its IPO twin, but dropped hard and finished down 6.9%. Qihoo 360 Technology Co Ltd (QIHU) also sold off after holding up over the past few sessions, finishing down 2.8%. Not even the bigger fish could hold off the onslaught again, with SINA Corporation (SINA) and Inc. (BIDU) down 3.6% and 2.2%, respectively.

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