Dull As a Doorknob, Energy Looks Heavy

Dow: -8.02… Nasdaq: +1.97… S&P: -0.13… It was as dull as ditchwater today.  Volumes are down big, so the only thing that seems to get you action in stocks is whether or not your stock gets some news. Although it is earnings season again so that should prevent us all from sleeping at the wheel during market hours. One such name…

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More Snoozefest Action

All the Wall Street thieves have their asses firmly planted in beach chairs in the Hamptons right now, so slow action and even lighter volume is the story.  Stocks will also have a tendency to move around more than usual as light volume makes it easier to jack things about. The markets did have a tough…

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Soft Tape, Energy and Retail Weak

Stocks moved into negative territory for the week as the S&P (-0.9%) tumbled below its 50-day simple moving average (2,414) for the first time in seven weeks. The Nasdaq (-1.0%) and the Dow (-0.7%) also registered sizable declines, but none as great as the small-cap Russell 2000, which settled lower by 1.4%. Things look queazy…

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Biotech Getting Primed Again

Dow: -1.10… Nasdaq: +40.80… S&P: +3.53… The markets were flat today as technology recovered and energy gave everything back.  XLE was down 2% and crude oil was down 4.2%.  Crude got hit because Russia said they would oppose any more supply cuts.  In addition, news that OPEC exports increased by 450,000 barrels per day month-over-month in June also acted as a bearish…

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Tech Continues to Puke

Dow: -167.58… Nasdaq: -90.06… S&P: -20.99… We now know that yesterday’s Nasdaq recovery rally was of the dead cat bounce variety because today it gave back all of yeterday’s gains and then some. As you guys know, I’ve preached for years that its always the SECOND day that matters, not the rally day. The follow-through day is the most important. Anyway,…

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Healthcare Vote Delayed and Tech Getting Sold

Dow: -98.89… Nasdaq: -100.53… S&P: -19.69… The numbnuts in Congress couldn’t agree on the healthcare bill, so it got kicked to the curb until after July 4.  What a shocker.  As a result, the market came in a bit, probably based on the uncertainty factor. Technology continued lower and broke some of the levels that I spoke about in last night’s…

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