Stocks opened lower this morning on a combination of concerns. Asian markets were lower overnight amid escalating tensions on the Korean Peninsula. There was also news out of Beijing that China is going to cut its loan targets in an effort to cool property prices.
European markets are also lower on continued concerns over sovereign debt issues in Europe. Portugal is said to be under pressure from other euro countries and the EU to accept an aid package, but officials deny they need one. Of course, that's the same thing Ireland and Greece said at the outset. I suspect next we will start to hear Spain mentioned in the discussions.
The dollar is bouncing on all of this news, as a safe haven, and this is weighing on the commodity complex. Gold prices are down $18 to $1354, while oil is down less than that to $83.50.
The 10-year yield is lower today to 2.86%; and the volatility index (VIX) is bouncing +6.5% from Wednesday's levels to 20.85.
Trading comment: Today is a holiday shortened session, so volume will be very light, and I wouldn't put too much emphasis on today's trading. Interestingly, many leading growth stocks are bucking the weakness and grinding higher. To wit, check out FFIV, ROVI, OPEN, APKT, IGTE, NFLX, CMG, and AAPL. These stocks have proven very resilient and shown the ability to quickly brush off any negative news and continue higher despite the overall market.
long AAPL, APKT, FFIV, IGTE, OPEN
Hiç yorum yok:
Yorum Gönder