This market's as tired as we are. The average stock on my screen was down about 38 cents two hours ago and now it is down about 78 cents, just the kind of unnerving drift that makes it so you can't buy or can't sell. You want to trade in and out of Facebook (FB)? Good luck.
Today seems to be a day of pure profit-taking, even as there are events ahead that would normally merit buying. Do people think that no matter how many subscribe to Netflix (NFLX) this weekend it's not enough? Did people look at the Aram Rubinson's breakthrough piece on Amazon (AMZN)? He's the Wolfe Research analyst who propounded the novel thesis that the prime fee could amount to a 3.8% yield. Oh my, bears must hate that piece.
And Apple (AAPL)? Okay, that's it. Netflix, Amazon, Apple? I am calling it all profit-taking after this amazing February for the Nasdaq.
In fact, I will go further. It makes sense. The performance of this market has been unreal.
Today we got a little realism. I bet we get a little more Monday and then we can take a look at the market at the end of the day to make our bets on next week's big events, especially the Target (TGT) and Honeywell (HON) analyst meetings and AutoZone (AZO) stock after the quarterly earnings are announced.
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