Still Trending Lower
We are seeing some very ugly "gap and fade" action this morning. The Spanish bank bailout was a questionable reason for the gap to begin with, but so far there doesn't seem to be any dip-buying support and we are seeing steady pressure.
Breadth is just about flat on the NYSE but negative on the Nasdaq, as the warning from Applied Materials (AMAT) is taking a toll on tech stocks. Retail has a little relative strength, primarily due to Wal-Mart (WMT), which has apparently turned into a momentum stock. Apple (AAPL) is still holding in the green but there are some analysts talking about weak results there so it will be interesting to see how it acts into its report in a few weeks....87 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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