Stocks slid at the end of the day a move reminiscent of action before the recent rally. Financials got crushed and oil spiked as well. I was thinking mid-day that maybe this was going to be a shallow dip, but financials never really could get above resistance and they were completely sapped of strength. I'm still leaning towards a flat to down day tomorrow then we'll have to see if the drop gets bought. There's a lot of uncertainty out there and I don't think anyone's gonna rush all in tomorrow morning.
Disappointingly GOOG which was actually quite strong in the morning and presented a good long side trade for a percent or so just fell off a cliff in the last hour. It was ugly and I think it may be a good stock to track tomorrow as the weakness could persist. BNI was strong at the beginning too. It just wouldn't give up for a while there and it too presented a good trading opportunity for a percent or so. Finally though it gave up at the end. However, it did have pretty strong earnings after the bell. So, it should be up tomorrow. If it gaps up and you're holding it, I'd definitely look to sell some on the open.
A lot still boils down to what oil will do. I'm not sure there's too much of a catalyst out there that will get it going again. Iran seems mostly priced in, but demand destruction is getting in there too. Yesterday was a good day to be an aggressive short because the action was terrible. Today and likely in the near future-I think it'll be choppy and probably flat overall.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment