Market Under Early Pressure Again
The market is selling off in early trading, following yesterday's high volume pullback. That made for a distribution day, the first we have seen in a while. While one distribution day is nothing to get overly concerned about, we don't want to see too many of them. The selling in tech stocks yesterday was particularly harsh.
Tech is mostly lower again today, though some stocks are bucking the weakness. Excitement over what Apple (AAPL) might say at its upcoming meeting has that stock rallying strongly. MRVL and SNDK are also positive today.
The energy complex is lower, as inventories showed a build, pushing crude oil and natural gas prices lower.
There is also more weakness in the housing stocks, as companies like BZH and KBH said the order cancellations are up as sentiment is worsening. This is likely causing some angst as investors mull whether a hard landing in the housing market spills over to the rest of the economy.
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