Well airlines ($XAL) were up 0.31% today! Other than that it was a sea of red. Briefing is sighting numerous reasons from sub-prime woes to a longer than anticipated housing correction, but let's face it earnings-to-date can't support these lofty levels.Going over the watch list and most of my recent hot stocks are trading with the market which means that many are below the 20 day MA heading towards the 50 MA. The 50 MA will be the real test.
We are in the oversold zone. QQQQs are trading up about 20 cents in AH. AAPL recovered a couple of points and AMZN has taken out resistance and trading like its 1999 ($84.00 in AH).
Economic calendar: Existing home in pre-market; crude at 10:30 and Fed Beige book at 2:00 EST.
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