7/19 11:45a EDT Update -Correction Limited to Techs, Biotechs Surge
Tech correction continues with XLK down 1.5% but more money finding its way into biotech “bubblet” with IBB ($195) up 1.6%.Leading sectors are energy, healthcare and industrial with S&P recovering to flatline.
Rayno biopharmaceutical stocks are strong.
Good Excuse For Profit Taking Tomorrow: Tech Earnings Misses in GOOG, ISRG, MSFT
With a market driven up by cheap money flows, robot traders and a dearth of bears we have to expect another sell-off. Up till now the June swoon was virtually ignored and the NASDAQ has recovered to new highs. But lately there have been hints of weakness as can be seen from the chart below with three distribution days.The QQQ has many MOmentum stocks and large cap techs and biotechs. As of 7:35P NASDAQ futures are down 1%.
After hours trading is harsh with Google (GOOG $876) down 3.74%, Intuitive Surgical (ISRG) down 11.69% for its double hit, Microsoft (MSFT $33.27) down 6%. So despite financials coming back strong on earnings and stocks hitting new highs, techs are more vulnerable to earnings. Next week is a big earnings week.