The markets bounced today as BAC raised hopes for higher dividends from large commercial banks and oil consolidated. The DOW and S&P outperformed. Technology, as depicted on the Nasdaq chart, bounced on much lower volume which shows a lack of conviction.Good setups were hard to find and the best trade for me today was the consolidation short in APOL depicted below.
After hours FNSR just met its earnings consensus and lowered guidance. The entire optical space fell in sympathy - JDSU, CIEN, OPLK, ALU, OCLR.Many of these names have been riding high following JDSU's $0.10 beat on 02/04/2011, But since then CIEN earnings disappointed a few days ago, and now with FNSR's disappointing guidance, investors are bailing out of the sector.
Should make for some interesting trading tomorrow.
On the bright side, FMCN is trading higher on earnings after hours.
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