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Intraday Market Notes: Old Tech Is Old News -- October 10

|Includes:AMZN, CAJ, CY, HPQ, INTC, ON, PCRFY, SMH, VLTR, Wal-Mart Stores, Inc. (WMT)

3:55 pm ET: The market slid further today as investors continue to take money off the table. The SPX is testing 1430 while the Nasdaq appears that it might close the day below 1350 minor support. Despite negative internals, there is a ray or two of hope for the bulls. The Dow Transports (DTX), a leader in market direction, is the only index that looks like it will close in the green. The VIX is still rising but today's movement was very subdued meaning that it could be getting ready to reverse direction. The Trin (Arms Index) is in bear territory but it's not anywhere near the contrarian zone. In short, the market is sending us mixed messages and for that reason, it's best not to take a fully directional stance just yet. If you're looking for downside confirmation, I'd wait at least one more day; bulls will need more to get back on the party train.

In sector news, retail and "old-world" tech continue to fall. Bucking the mark-down in retail is the one bright star (drum roll please maestro)...Wal-Mart (NYSE:WMT)! The stock has been basing for two months and broke out today on news that it's testing out a one-day shipping program (just in time for the holidays). This move could put the hurt on Amazon (NASDAQ:AMZN) but one analyst said that it might not have much of an effect as Amazon caters to a more affluent consumer who doesn't mind paying extra for expedited shipping. Be that as it may, Wal-Mart advanced while Amazon sagged 6% breaking $250 support--that alone should tell you something.

Regarding "old-tech" companies, I'm referring to makers and suppliers of TV sets, pcs, and cameras. Getting flushed down the drain are the following: Canon (NYSE:CAJ), Hewlett-Packard (NYSE:HPQ), Intel (NASDAQ:INTC), Panasonic (PC), Volterra Semi (NASDAQ:VLTR), Cypress Semi (NASDAQ:CY), and ON Semi (ONNN). This action caused one semiconductor etf (NYSEARCA:SMH) to bust through a support level. Although these issues have been trending down for some time, their weekly charts show that there's a lot more room before hitting bottom--some tasty fodder for you bears!

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