Markets Lower on 20th Anniversary of Black Monday
The markets are lower this morning, with downside volume trumping the upside. There were a lot of companies reporting earnings last night and this morning, but even most of the ones that beat estimates are still trading lower today.
The two standouts, that really reported solid quarters, were Google (GOOG) and Intuitive Surgical (ISRG). Those stocks got multiple upgrades this morning, and both stocks are up, ISRG by quite a bit.
Then there was a handful of companies that beat estimates, but the stocks are still down. They include AMD, SNDK, MMM, GILD, and SLB. The fact that they are all lower shows how sentiment has become too bullish, and the market still needs to correct more.
There were also several companies that missed earnings estimates, and those stocks are obviously weak. The culprits are CAT, HON, and WB.
Asian markets were lower across the board overnight, as record oil prices sparked profit taking. And the Yen is up for a 2nd day. Don't discount the effect this is having on our markets.
The Dow is down -225 right now. I bet the bears are trying to play on the 20th anniv. of the crash of 1987 and pressing their shorts today. Good luck.