The market gapped to the downside today after Friday’s abysmal jobs report. The indices recovered some of the losses throughout the afternoon but still closed down over 1%. Volume was not high enough to count as distribution. A look at the intraday action,
- Midcaps stall at old highs, NYSE weakens (StockCharts.com)
- Facebook Buys Instagram for $1 Billion (TechCrunch)
- March finishes as warmest month on record (ZeroHedge)
- AOL sells 800 patents to Microsoft for $1.06 Billion (Bloomberg)
- 60 Minutes Reviews the European Debt Crisis *Video* (MarketMontage)
Updated looks at the NASDAQ and S&P 500 below. Stay frosty out there.
And here is a look at AOL (AOL) stock from my MarketSmith account which has had a nice move since bottoming at $10.06 on 8/10/11. I would wait to see how the stock moves over the next few days before considering a purchase. A massive influx of cash may not have the same effect long term as compared to blowing out earnings.