The NASDAQ gapped down on the open, followed by a choppy gap fill leading into a big selloff in the afternoon. So far it looks like we maybe going in for a retest of the breakout, however, AH earnings guidance was not bullish and some of our leaders are trading down (AAPL, LRCX see charts below). Weak guidance puts a big question mark on valuations, so if the trend continues, we will be in for more profit taking.
Economic data for tomorrow: CPI, Core CPI, Housing Starts, Building permits, Initial claims at 8:30. Leading ind. at 10:00; Crude inv. 10:30 and finally Philadelphia Fed at noon.Earnings of note scheduled before the bell: CAL, HOG, MER and after hours: IBM, CREE, and XLNX.
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