A Constructive Down Day

 | Apr 07, 2014 | 5:49 PM EDT  | Comments
  • Comment
  • Print Print
  • Print
Stock quotes in this article:




Has there been enough pain yet? I keep thinking that we are barely down from the highs, even as the Nasdaq is badly oversold, and we could still be in for a couple of percent decline without much effort.

Against that, though, is the pseudo-recovery we had in the second-to-last half hour, which brought Facebook (FB) and Celgene (CELG) into the black. I regard those as quintessentially important, because Facebook led down the high-multiple Internet plays and Celgene collapses the not-as-high multiple biotechs.

To me, these have become the two stocks to watch if we are going to get stabilization. Believe me, there were some real buyers of these, but what looked to be forced sellers blunted the buying.

I actually think that if some big-gun analysts come out tomorrow and bull these stocks, they will hold -- they are that oversold.

I guess you could say it was one of the most constructively destructive days we've had of late, a total pounding that somehow could have been much worse. 

Columnist Conversations

Reports on Tuesday. I am getting a little concerned on how the 2015 guidance will come in.
Soz doing some more good stuff on retail today-- I loved the JCP piece.. Remember you can follow a writer now ...
Despite a big upgrade from Credit Suisse(from Neutral to Outperform)FDX is relatively flat today. The st...
The Market Vectors Gold Miners ETF (GDX) chart continues to exhibit characteristics of a classic cup-and-handl...



Columnist Tweets


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.