HP’s earnings (or lack of them) is having a much greater impact on tech than imagined. Without tech it is difficult to see how the market can mount a sustained drive. And, since tomorrow is options expiration the rest of the week should be choppy.
Gold is giving back about $6/oz and that is reflected in everything shiny.
Who would have thought infant formula would become my portfolio’s anchor? MJN continues to be accumulated but volume is drying up. It is probably due for a rest.
TEVA, on the other hand, marches up on consistently high volume. I added a little this morning.
Capital One (COF) was a recommended short here about 60% ago. Today it has become unglued, down 12%. It didn’t take much insight to figure out credit card balances were going unpaid.
Cubist (CBST) another short idea is cooperating, as well, even in the face of a better biotech tape.
My CVS idea worked for about an hour. It has flat-lined since.
It is a land mine out there so I maintain downside protection with TWM, the Russell 2000 inverse ETF. But sentiment is becoming so bearish I am wondering if we could have a snap-back rally. There would have to be a catalyst, of course, and I cannot for the life of me think of what that could be.
