STTG Market Recap Oct 10, 2012

A second consecutive distribution day for the NASDAQ, bringing us to five in the last 12. While the NASDAQ is heavily influenced by Apple (AAPL), Apple is actually a net positive since Monday’s close, suggesting we are seeing a much broader sell off pushing down the market. The NASDAQ closed today at 3051.57 (-.4%), bringing it within 2% of the 3000 level not seen since July.

The S&P 500 on the other hand continues to hold up much better than its tech focused counterpart. However, we are barely hovering above lower lows, and the 50 day moving average seems ready to be tested as key support. Bespoke notes that Energy lead the index down today as Financials actually were a net positive,

Here is an updated look at Oil,

With so much coverage on Apple across the web, I thought I could change things up a bit and post some updated analysis on other tech favorites including Google (GOOG), Linkedin (LNKD), and Amazon.com (AMZN),

To wrap up tonight, here are updated looks at both the NASDAQ alongside the S&P 500. Remember, earnings season is in full force, don’t forget to prepare!

Stay frosty (sharp) out there.

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Comments

  1. C$INR says

    The mkt is prob. trying to price in the probability of a Romney win. Austerity, risk off, U$D bullish..and earnings aren’t helping.

  2. says

    A Romney win would be bullish for the market, so not sure if I agree with that. I think the QE unlimited high has worn off and now it with earnings season looking sour, the market is reacting accordingly.