U-G-L-Y you aint got no alibi
    That was an ugly close. While the market bounced around most of the day, the late fade in the market leaders raises flags. While some will claim that we are in a trading range until the Fed, I do not like what I see. Yesterday, I said the bears must kill the market leaders to reclaim this market. Look at what they have done.
    When you see Goldman Sachs (GS) down 5%, Lehman Brothers (LEH) down 3.5% and Bear Sterns (BSC) off 5%, the financials are in trouble. BSC appears ready to retest its recent lows with GS and LEH close behind. When Research in Motion (RIMM) continues its death spiral toward $100, tech bulls cannot be pleased. Jim Cramer ejected Amazon.com (AMZN) from the horsemen when it failed to perform. Is RIMM next? When Baidu.com (BIDU) hits the high of the day in the first minutes of trading and then collapses nearly $7 over the final twenty minutes, you must be concerned. One by one, the stocks that propelled us up from the recent lows are breaking down in volatile fashion. The bulls are running out of excuses.Â
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haha, Sean that has to be the best post title you’ve come up with yet
I just checked out Baidu.com on a graph from today. With such a strong start that it just tumbled
I knew we were in trouble from the get go when BIDU never attempted to make new highs and RIMM was being sold off on decent volume
AMZN looks pretty good. Too bad the market will not cooperate.
Nice Wildcats reference… I still think the RIMM sell-off is overdone. Support around $100, it’ll be interesting to see what it does with that level. Low of the day was $100.04. Look out below if it takes that out.
Nokia issues a warning that it isn’t selling enough phones as expected. That’s probably b/c everyone’s buying an iPhone or BlackBerry instead but maybe I’m wrong.
I concur with Blainer, HILARIOUS!!!