Markets have ticked lower after a higher open on the heels of some unfriendly news out of the Big Ben chronicles going on as I type. I am however expecting a move higher in the markets after this initial probe lower.
The CSCO kid also not helping the markets as tech is a wreck this AM with AAPL AMZN BIDU CSCO GOOG HPQ INTC NVDA RIMM all down around 2% or more.
Strong sectors include yikes, small caps, oils,metals, biotech, utils, banks and defense while tech airlines, china, semis, internets and homies are lagging.
Key stocks generally lower as MS GRMN XOM BAC POT NYX BG MGM BAM all green while VMW BIDU AMZN MTW INTC AMZN TIF GOOG AAPL MA NVDA all leading the markets lower.
NYSE and NAZ internals are green (+800)and a little surprising in light of the action in the major indexes.
NDX- 45 GREEN;
OEX - 60 GREEN;
IBD 100- 55 GREEN;
WINNERS- STP FTK TKC WFR RIO FCX CTRP GPOR MTB SNHY BIIB VRTX GRMN APOL EXPD MS AA COF ROK XOM CVX;
LOSERS- LTD ORCL CSCO EMC AIG IBM HPQ ORCL NTAP JNPR TLAB UAUA SNDK INFY HDNG SSRX WX EJ PBHX CRNT BHP;
VIX is not moving in light of the tech wreck and I suspect it is suggesting that the markets will turn around fairly soon and head higher.
Also interesting how Up volume is almost double Down volume;
