Thursday, October 18, 2012

Markets stalling at these levels

SPY having gone up 3 days in a row, showed stalling action.  Nasdaq and Russel 2000 indices were already under performing SP-500 and both indices took a hit today.  Interesting day today as GOOG earnings were prematurely released around noon.  Trading on GOOG was halted for about 3 hours.  In the end the earnings report did not go well with GOOG and the stock paid the price.  Many leading stocks are being smacked.   It appears the market is not healthy enough to reward stock buyers on the long side.  If you look at 3 month performance, Financials have been clear leaders.  But, how long can the financials hold the Market up.  Look at the charts of AAPL, GOOG, CMG, PCLN, AMZN, ALGN, MLNX to name a few which tells you something i.e MOVE TO CASH!!!

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