Intel Report Drags Down Nasdaq
Disappointing guidance from INTC last night is weighing on stocks. As of last night, it looked like the market would be weak this morning, but when I got in the market was actually higher.
JPMorgan's earnings weren't that bad, and its write-down was relatively small, which helped this stock bounce. Also, Wells Fargo (WFC) reported in-line earnings and said it is finding more acquisition opportunities. The combination of these two reports has the bank index bucking the weakness in the market and trading higher.
Oil inventories hurt crude prices, and drove oil down to the $90 level. This is hurting the energy stocks, including solar, and weighing on the market as well.
Asian stocks got clobbered last night, with Hong Kong falling more than -5%. And the Yen is back at new highs.
The Nasdaq is the weakest so far, due to INTC, and has broken below its August lows. Until this downtrend reverses, I continue to stay on the defensive, and use rallies to exit underperforming positions.