Wait a second, don't we go down when Europe goes down? Do we ever go down on our own data? Do we really plummet on a housing survey or the Empire State report?
I have trouble with that. I think that we caught a high-growth program just slugging out the Nasdaq, and it is almost by rote.
It's hard to fathom what the heck happened at the opening. It looks like a revenge of the nerds. All the low-multiple stocks, including tech, have held up well, but all of the high-multiple stocks have been dinged. With the exception of Apple (AAPL) and Google (GOOG), which were heavy last week, it's the exact opposite of last week's selloff.
To me, earnings control the action -- and Citigroup (C) joins the good earnings from Wells Fargo (WFC) and JPMorgan (JPM) from last week. Against those is Mattel (MAT), which I don't find all that consequential (although the declines for Barbie are pretty breathtaking). Baxter's (BAX) down on an approval snag, which sure is tempting -- but I figure some analysts will probably downgrade it tomorrow.
Tempting tape. Tempting.
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