Two guys come out and bull Salesforce.com (CRM) and it can't rally? That's not like that stock at all. It's always good for a quick short squeeze up after that kind of activity. Not at all. LinkedIn (LNKD) failed right where it always has after a rebound. So did the cause célèbre of FireEye (FEYE). Biotech had been rallying all morning and then reversed. Facebook (FB), Netflix (NFLX) and Amazon (AMZN)? Hanging on to the black for dear life.
It isn't supposed to be like this. These stocks were almost all right at the breakout level and there had been a sense that the selling had been exhausted.
Plus, we are back to that awful pattern of relentless selling once a stock breaks. Take a look at Xilinx (XLNX). When this stock was down $0.60 it was so heavy that it was obvious it was going to breakdown further. That's been a hallmark of this period. Only Twitter (TWTR) and Workday (WDAY) were able to reverse and start trading up.
Just another day where the momentum stocks leaked and the value stocks held, as if that terrific rally from yesterday didn't happen.
I still think these can get more of a bounce. But the pattern of the old days, when analysts could gun these stocks with projections about good revenues, just doesn't seem to be working. At least not for now.