Spooky Signs in the Market
Halloween came early, as there is some scary stuff in the markets today. I'm not referring to big losses, but just the oddities which are occurring. Apple (AAPL) (AAPL) and Amazon (AMZN) both coming into the day nearly unchanged after each announces earnings seems like a one-in-a-thousand result. Amazon is rather amazing. I think that stock may set up as one of the best shorts of 2013, but for now, patience and watching are required.
Fusion-io (FIO) continues to struggle after some disappointing guidance on its last earnings report. A few requests have come in on this stock, and I do think the chart warrants a follow-up. Fusion-io has come down to the $25 area the chart alluded to back when it was in the upper $20s. Now it has established $24.50 as the line in the sand on a closing basis. A dip, even as low as $24.10 intraday, is not of grave concern, but a close under $24.50 would set us up for the move to $21-$22. I can't rule out a bounce back to $27 if buyout rumors begin to circulate again or if the overall market finds momentum. However, the current path is bearish. It is the path of least resistance and the path of the technicals. I wouldn't be making any big long bets in FIO until momentum can turn higher, preferably before price....241 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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