Morning Market Look & The “No Taper” Rally Has Been Retraced

 

lettuce 300x225 Morning Market Look & The No Taper Rally Has Been Retraced

Futures are flat while crude and gold are down this morning. On the heals of Wells Fargo’s mortgage layoffs a couple of weeks ago, Citigrioup ($C) just fired one thousand workers in its mortgage area due to lack of demand. Today Lennar ($LEN) and KB Homes ( $KBH)  report their earnings.

The U.S. Dollar is in breakdown mode again.  It  is now breaking uptrend support, and it 50 day moving average crossed down below its 200 day moving average.

The financials have been weak and $JPM continues to get sued by the government.

Looks like Blackberry ($BBRY) got a sympathy bid yesterday. Please make this story go away. Enough.

Applied Materials ($AMAT) and Tokyo Electron will merge.

All of the no-tapering FED rally has been completely retraced now, and things are getting interesting.

Have a great day.

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Joe Donohue

Joe is a full time trader with 25 years experience. He is a senior contributor and investor in Stocktwits and has been seen on CNN Money and quoted in Marketwatch, Forbes, Reuters, NY Times and Wall Street Journal.