If I were a GOOG shareholder, I'd tweet, "WTF???"I slept marvelously through today's market, catching only the first 30 minutes or so. AAPL declined to 330 before bouncing to 332. Those round numbers, 350, 340, 330 ... they play with trader psychology, no question. StockGuy22 has always noted that. He's right.
My hunch that VXX would benefit from an AAPL pullback (1.8%) was wrong. VXX is down (-1%) in a market absent chaos and complete unpredictability. VXX clearly does well when there are riots on the streets of Greece or when North Korea sends missiles into the air. But here, VXX is hemmed in by a quiet global environment, so I'm exploring other issues.
ETFs on an upswing in a down market today: TBT (+2.6%), DPK (+2.3%), EDZ (+3.1%), EEV (+2.2%), FXP (+3.1%), LHB (+3.8%), SMN (+2.7%), TZA (+3.1%).
Others up today: FSLR (+2.6%), STP (2%), SOLR (+4.3%), V (+2.3%), MMR (+5.9%)
The hardest hit today were also some of the hottest risers: NFLX (-3.1%), AMZN (-2.6%), POT (-3%), VMW (-3.8%), NILE (3.2%), NTDOY (-5.3%), BIDU (1.5%), CRM (-6.4%), FWLT (3.5%), SNDK (-3%), YUM (-1.3%), JOYG (-3.7%), QCOM (-1.5%), ANSS (-5.1%), AKAM (-2.3%), GIGM (-3.5), TQNT (-4.3%), RHT (-5%), UA (-2%), RAX (-10.9%), SLV (-4.4%), GLD (-1.9%)
Most of these stocks were due for a pullback, just like AAPL.
The threat of rising interest rates could simultaneously dent both the stock and bond markets. Taking a very close look at TBT tomorrow.
Some of the steady risers didn't sell off much, if at all today: F (-0.7%), IMAX (+0.6%), C (+0.8%).
Good to be in cash. Better to be flexible and stay one step ahead, or in my case, off the field and on the sidelines.
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