The market was weak today, as GOOG led the techs on a slide. GOOG has been slipping since hitting above $630 after its October earnings report. EU opened a formal investigation into GOOG's online search. GOOG shares fell 4.54%, or $26.4, to close at $555.71, $75 lower than the recent high. AAPL and AMZN both gave up some grounds today, down 1.81% and 2.28%.
Other the other hand, high-flyers are still flying. NFLX made a new all-time high at $206.8. DECK recorded its new high at $77.37. CMG powered above $262 today. Before its recent earnings, CMG was trading at $180; that's a surge of more than $80! RIMM received an upgrade today and its shares jumped +$4.81%.
The Dow was down 46.47 points; SPX slid 7.21 points; Nasdaq fell 46.47 points:
SOXX (semiconductors) and INX2 (internet) both lost about 1.3%. BTK (biotech) went down 1.2%. GLD (gold) and SLV (silver) jumped. JJC (copper) also went higher. USO (oil) shed 2.01%. XLF (financials) fell 0.55%. FXI (Chinese ADRs) was down 1.14%.
VIX jumped today, closing above 23, up almost +10% for the day. Both SPX and Nasdaq closed below their respective daily MAs. However, SPX managed to stay above 1180. China reported its PMI for November tonight, showing continued manufacturing activity. Europe's debt problems are still worrying the markets. Tomorrow, a bunch of economic data is due out, including the latest ADP employment report. The global markets have been on the weak side for the past 3 weeks. Although they may be ready for a bounce, if economic data show improvement on the jobs front, we may still need a few more days to wear off the selling. VIX is still showing a lot of caution and may test the resistance between 24-25.
Disclosure: no positions