Bank of America (
BAC ) and
Citigroup (C) both beat consensus earnings per share estimates, but failed on top line revenues. That sent the banking index down 5.7% leading Friday's plunge.
GOOG missed earnings altogether sending the
Internet index down 3.4%. The Michigan consumer sentiment index declined as well, leaving investors heading for the exits. It was a broad based sell-off on higher volume (partially due to options expiration) with all major sectors in the red.
The banking index looks bearish with
MAs converging over price. The congestion zone should provide support, but how long will it hold? Financial reform was discussed on
BAC conference call with analysts - they estimate the new credit card and other rules will cost them $3.8 billion.
GOOG earnings miss provided leadership for the
Internet index - down 3.4%. The
NASDAQ was down 3.1% on the day but volume was just average.
Chips have been range bound since breaking the longer-term
trendline.
INTC earnings were very good and I'm still optimistic on the sector.
Transports sold off , but volume was just average. Still, there's nothing to indicate the trend could change any time soon.
The one bright spot that I can find is Ag/chem (MOO). Normal consolidation on Friday despite the overbought posture.
Bank of America (BAC ) and Citigroup (C) both beat consensus earnings per share estimates, but failed on top line revenues. That sent the banking index down 5.7% leading Friday's plunge. GOOG missed earnings altogether sending the Internet index down 3.4%. The Michigan consumer sentiment index declined as well, leaving investors heading for the exits. It was a broad based sell-off on higher volume (partially due to options expiration) with all major sectors in the red.
The banking index looks bearish with MAs converging over price. The congestion zone should provide support, but how long will it hold? Financial reform was discussed on BAC conference call with analysts - they estimate the new credit card and other rules will cost them $3.8 billion.
GOOG earnings miss provided leadership for the Internet index - down 3.4%. The NASDAQ was down 3.1% on the day but volume was just average.
Chips have been range bound since breaking the longer-term trendline. INTC earnings were very good and I'm still optimistic on the sector.
Transports sold off , but volume was just average. Still, there's nothing to indicate the trend could change any time soon.
The one bright spot that I can find is Ag/chem (MOO). Normal consolidation on Friday despite the overbought posture.
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