On second thought, some leading tech names saw heavy profit-taking on Wednesday. IBM and Intel (NASDAQ:INTC) saw their shares fall as earnings reports disappointed either on revenue or guidance. Apple (NASDAQ:AAPL) still an outsized weighting in tech sector ETFs (NASDAQ:QQQ) & (NYSEARCA:XLK) kept losses from being too great as the shares only sold-off slightly.
Why the selloff Wednesday? You might think the eurozone (again) and you'd be partially right as more bad news dumped rain on the bulls' parade. And that rain was from the plain in Spain? It seems there is more bad Spanish loans and the costs for propping up banks there is soaring. The Argentine takeover of Rapsol's YPF is still reverberating throughout markets there as well. All the news from across the pond wasn't limited to Spain as the Bank of England has decided there will be no more QE in the UK for now. Bulls don't like anything like that certainly.