Morning Market Look: Momo and Bio Are the First To Go

Futures are up slightly, crude and gold are down, and Europe is mixed. After the close yesterday Obama announced the Janet Yellen nomination and futures caught a pop. Right now they are in the process of giving some of that back. The 10 year treasury is yielding 2.63%.

$YUM profits declined 68% yesterday.

Samsung is releasing their curved phone tomorrow, but only in Korea.  The price tag is $1000.

The market was ugly yesterday, but the biotech sector was probably the ugliest girl at the dance as the $IBB broke all kinds of moving average and trend line support. Stocks like $AEGR, $ACAD and $BIIB really took a risk off hit.

IBB 300x197 Morning Market Look: Momo and Bio Are the First To Go

The financials were lower and unless we get some Washington love soon they do look lower. Even Buffett’s Berkshire Hathaway $BRKB is approaching the neckline of a head and shoulder pattern.

Momentum names like $YELP, $LNKD, $NFLX took a visit to the woodshed as the  market felt like shooting first and asking questions later yesterday.

Get your list ready and make no mistake, when the baboons in Washington come to some resolution we go much higher and you will want to be long. I can still see this thing 150 handles higher by year end.

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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.