{+++}The Dow and S&P 500 essentially followed up a choppy, lackluster session with a flat finish, but the Nasdaq underperformed as large-cap tech issues acted as a drag.
Five of the sectors were in negative territory, led by telecom (-1.6%), tech (-0.6%) and consumer discretionary (-0.5%).
Tomorrow morning before the open, one economic report is scheduled to be released: 1) Initial Claims (Consensus 455K) and Continuing Claims (Consensus 4450K). Alcoa reports after the close.
Equinix shares fell 33%. On the S&P 500, the six worst decliners were tech stocks, led by a 14% drop in Citrix Systems Inc. Salesforce.com and a 7.7% tumble in RedHat Inc. Cloud computing stocks fell out of bed. The majority of investors never heard of cloud computing until HPQ went ballistic and ‘had to have’ 3PAR. The run was fun, but they need to rest.
Ahead of Wall Street’s start, stock futures turned lower after payrolls processor ADP reported private employers trimmed 39,000 jobs in September, the first decline in seven months. The big number is Friday.
MOMENTUM NAMES TO WATCH SHORT:
VMW,FFIV, APKT, CRM, CREE, AKAM, CTXS, GMCR
THESE ARE ALL NAMES WE KNOW OR HAVE TRADED, I WILL DRILL DOWN MORE IN THE DAYS AHEAD, BUT THEY HAVE ALL REVERSED ON BIG VOLUME. PROBABLY A MAJOR TREND CHANGE IN THE GROUP.
See you i the morning.
Joe