The S&P rose 6.52 points, or 0.3%, to 2099.84. The Dow lost 10.22 points, or 0.1%, to 17540.47. The Dow lost strong strong morning gains probably because Disney reported weak earnings and fell $11 or 9%. I cant remember the last time DIS fell so hard. Evidently things have really slowed at ESPN as more folks watch things via mobile and tablets. Old media continues to see weakness.
Stay on alert as the July jobs report is out on Friday. The market opened nicely and had a good first half hour today but it faded. This market is still very squishy and still is at a point where it could go either way in a hurry.
I’m glad I trade stocks and not the indexes because futures traders must be pulling their hair out. Regardless of the market’s tentative behavior there is still great action in individual stocks. Cliche alert!!!!…..its a stock pickers market.
Biotech still has not made an authoritative move. Its right at key spot, but its finding trouble making a statement.
CNX continues its waterfall lower and may be sitting on its last level of support. Its also a potential bounce spot, we’ll have to see. Two other coal stocks that look like shorts are WLB and ARLP. Seems to be the end of an era for all these names.
NK seems to have popped minutes after the recommendation which is good to see. Its building a nice little base so lets hope it can keep going.
See you in the morning.
Joe