Wednesday Market Wrap

{+++} The S&P made a sneak attack after the market closed and invited FB into the S&P 500. The stock popped from 49.50 to the 51.50 level on the news. Hopefully we can see some follow through in the coming days and its not just a sell the news event. Many times it is a sell event. The chart still looks very good.

The social stocks took an ugly stick to the face today as LNKD, YELP got hammered, GRPN did nothing off a bullish upgrade and FB was lousy until the post market news. We’ll know soon if this is the beginning of an exit in these names or just a little correction.

Mostly all of the momentum names got hit. GOOG, AAPL, NFLX gave back recent gains and pretty much everything across the board was ugly today. TWTR acted well out of the gate and we stopped out on our last piece at a great profit.

Here were some of the dollar losers today.

Here were some of the dollar gainers today.

Of the 20 ETF’s I follow, all were red today with the exception of XLP which was only positive 0.02%.

Last night on the blog I said my initial support level for SPX was 1779. We landed on 1780 today and held. It would be nice if that becomes our short term bottom. If you like wild charts, here’s one of the McClellan Oscillator. As you can see it closed at the bottom of its Bollinger Band. Every time that has happened recently the market has bounced. We will see.


All in… it was a crappy day, try and shake it off and we’ll get ’em tomorrow. Have a great night and I’ll see you in the morning.




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