For the second time in a month, we have a sharp selloff due to unrest in the Middle East .  We trended down all day on the last sell off but bounced back over the next couple days.  This time, there are talk of significant bloodshed and disruption to the oil supply. Oil going up 7% in a day is a bit unsettling. In addition, there is risk that the unrest will spread to other key oil producing Middle East countries.
 Did someone know that HPQ will guide down after hours? HPQ is down 12% as the QQQQ barely reacted. It will likely weight on the technology sector tomorrow especially the momentum names that are already under pressure like AAPL, PCLN, NFLX, and BIDU. Many are standing aside due to the uncertainty and are probably hedged after watching CNBC all day Monday. We are at the 20ma now and the 50 ma is just 3-4% away on the SPY which would give a better buying opportunity, but near term we may be set up for a bounce on early weakness.
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