Dow -217.23 at 17711.12, Nasdaq -49.19 at 4760.69, S&P-19.93 at 2064.46
Equity indices began under pressure as weaker than expected earnings results and guidance from the likes of Walt Disney (DIS 102.29, -4.31), Macy’s (M 31.38, -5.61) and Fossil (FOSL 28.44, -11.66) dampened investor sentiment. Other retail stocks that didn’t report got hit anyway as KORS was down 12%.
Obviously cheap oil isn’t sending people to the malls to shop, although every analyst and pundit said this would happen for the last year. Really a myth and urban legend after all. They’re all clueless.
Biotech (IBB) didn’t see an uptick really from the first trade of the day, and looks very weak. It dropped about 10 points from the morning high.
This market continues to be rudderless and seems lack conviction of any sort. Shorts are beginning to work, but lets see first if the SPX wants to go down and retest that 2040 level again.
I added SQQQ today which gets you short the Nasdaq.