Hedging a Bit
It's slow going, with buyers standing aside and not much upside action. Given the poor reaction to earnings from IBM (IBM) and Intel (INTC), we are actually holding up reasonably well. But we have been slowly losing traction and there doesn't seem to be much dip-buying action or any major computer programs to drive things.
A number of traders are looking ahead to earnings and tomorrow's Spanish bond auction as the next major market catalysts. Both are problematic and keep the buying interest limited. The reaction to earnings so far has not been great. All the major reports -- Google (GOOG), Goldman Sachs (GS), JPMorgan (JPM), Intel and IBM, -- have seen selling, although they have mostly beat and I'm expecting that theme to continue....89 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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