The market slumped as a strong dollar and questions about China's lending practices slammed commodities. IBM dragged on the tech sector as investors picked apart the company's outlook one day after sending the stock higher. The earnings and profit margins were good, but revenues were mostly in line with estimates and the outlook was good not great, relative to very high expectations. Market breadth was negative. QQQQ implied volatility jumped in early going but faded away before closing. This pullback is expected to be short-lived.
Wednesday, January 20, 2010
Slumped again
The market slumped as a strong dollar and questions about China's lending practices slammed commodities. IBM dragged on the tech sector as investors picked apart the company's outlook one day after sending the stock higher. The earnings and profit margins were good, but revenues were mostly in line with estimates and the outlook was good not great, relative to very high expectations. Market breadth was negative. QQQQ implied volatility jumped in early going but faded away before closing. This pullback is expected to be short-lived.
