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.
Poll: What is your favorite stock for the rest of the year?
long AAPL
posted by J. Kahn @ 7:35 AM
2 comments
2 Comments:
As for Apple, do you really think they can say anything next Tuesday that will legitimately surprise anyone? Unless Jesus himself shows up with white earbuds coming out of his ears plugged into a new iPod Invisa with SuperWi-max built in so it can stream the latest in Jupiter's pop music, I have to think that everything is already priced into the stock. There is all this speculation about a movie store, possible iPod Nano updates, and personally, I think they roll out the iPhone next Tuesday. While I'm a mac fan and can't wait to get the iPhone, I just can't see a situation where the stock doesn't drop after the press conference next Tuesday. It's priced for perfection.
re: Poll - MSFT, I think Vista, Office and Live everything have been underestimated, same goes for the Xbox 360 and possibly Zune
Plus it's been stagnating for too long and is poised to do everything in its power to take of from the twenties
Post a Comment
<< Home