The Wrap 9/23/10

{+++}Late selling led stocks to finish lower for the third straight session. Though losses in that time have been relatively modest, the streak is the longest in about a month. After the close NKE, TIBX, CMTL, FINL, SABA are the most notable names that reported.

All ten sectors were in negative territory, led by financials (-2.0%), industrials (-1.5%), utilities (-1.0%) and materials (-1.0%).

Tomorrow morning before the open, two economic reports are scheduled to be released: Durable Orders (Consensus -1.4%) and Durable Orders — ex Transportation (Consensus 0.6%) report.

This will be brief as I am fighting the toughest flu bug of my life, I also tore a calf muscle playing tennis Tuesday night and I am on a crutch for a few dayS. I am banged up to say the least, but will be back full throttle tomorrow and will do my gig at 10AM EST.

I haven’t necessarily accepted the buzz tat this is the BIG Kahuna sell off, but it wouldn’t surprise me. Usually when they sell them off everything goes red, today there was strong pockets of strength and that is not usually the case. Look at BIDU, look at FFIV. People out there are petrified about AAPL’s intraday reversal. They don’t understand the market as they thought it may go to $300-$320 on this move????? Most are clueless and they would be better served trading baseball cards than stocks. We caught the breakout Monday (AAPL) and sold the balance near the top today. Nothing goes forever.

What is very concerning to me is the financials again. It took the sector months  to close above the 200 day moving average on Monday (MOVE WAS ON WEAK VOLUME), it stayed there for a day, but only took it a few days this week to crash down through the 20,50 and 200 day moving averages(ON BIGGER VOLUME) Not bullish at all, and something to watch. The dollar is also due for an oversold bounce and that will effect the materials and commodities, so it could be a near term perfect storm for the bears.

We’ll see. No new names tonight as I try and heal. The P&L has been updated and stops have been adjusted. Hope you Had a great day and have a great night.

Previous Post
The Wrap 9/22/10
Next Post
Weekend Linky Dinks: The Tepper Rally & 11 fitty

Recent Articles