One Quiet Selloff

 | Jan 08, 2014 | 3:50 PM EST
  • Comment
  • Print Print
  • Print
Stock quotes in this article:


















This is one quiet selloff.

With the exception of the oils, it's hard to see where it is really unfolding. It's just dribs and drabs. And the transports and the Nasdaq aren't even getting hit. Plus, the banks and many of the techs, including some of the ultra-high fliers -- Amazon (AMZN), Netflix (NFLX) and Yelp (YELP), which I wrote about earlier -- are on a rampage. Panera (PNRA) is up $7 on a Wells Fargo upgrade for heaven's sake.

Once again, this feels like a work-off of the incredible ramp-up/mark-up from the end of the year. And when we get bona fide good news, as we did with Monsanto (MON) and Micron (MU) this morning, the stocks really roar.

Plus, a couple of stocks were downgraded today, like Honeywell (HON), United Technologies (UTX), KeyCorp (KEY) and U.S. Bancorp (USB), and they are basically unchanged or higher. In other words, the quiet selloff, exclusing oil, isn't a sign of anything more than the logical profit-taking that comes after you have preserved gains and didn't want to take taxes in 2013.

It makes a ton of sense, especially ahead of the employment number, which I am sure has people worried that the selloff in bonds, somewhat heavy today, continues taking the 10-year note meaningfully above 3%.

I don't think that's going to happen, and while I always respect a selloff, this one doesn't seem to be rooted in higher rates or lower corporate profits with which no one can really quibble.

Columnist Conversations

Spent a good amount of time with PayPal CEO Dan Schulman this week...and came away fully understanding why thi...
Has quietly taken a mini beating over the past few weeks. Might be worth a look on Monday given everything tha...



News Breaks

Powered by


Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data provided by Interactive Data. Company fundamental data provided by Morningstar. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by Interactive Data Managed Solutions.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

IDC calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.