Taking a Bearish Stance
Earnings from IBM (IBM) and Intel (INTC) were not well received and that set the stage for today's action. We did bounce off the intraday lows a number of times, but the strength fizzled and we ended up closing poorly. Breadth improved off the very low levels early in the day but was still around 2-to-1 negative. All major sectors except for oil services were in the red.
I've been concerned that after the big run up in the first quarter of the year that the bar was going to be set too high for earnings. So far, that has been the case and it is continuing tonight as Qualcomm (QCOM), F5 Networks (FFIV) and American Express (AXP) are down initially on decent reports. These aren't bad reports, but they aren't strong enough to attract new interest. Market players are more concerned about protecting gains than they are about missing further upside....158 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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