Today the bears finally got their long anticipated “sell the news” reaction to AAPL and IBM after some good earnings. We got close to a 1% decline today on the SPY after about two month. It was a straight trend down most of the day. We have to watch very closely for a potential failed bounce and some downside follow-through. F5 Networks reported earnings and it is getting killed on a slight beat and in-line guidance. That isn’t going to help the momentum tech group tomorrow. I am reading quite a few China concessions to boost USA imports. Are the bulls afraid if the exports to China pick up, Bernanke will take away QE2? Mean while back at the ranch, POMO will continue to support and downside should be contained and dip buyers could be itching to buy some of those recent tech momo stocks at a discount?
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