After another boring yet one-directional trading day yesterday the fireworks went off right post the closing. CROX guided down and is due to open somewhere between 30% and 35% lower this morning.
The bank shank continued with Citigroup and Wells Fargo trading down on the day after their numbers yesterday. BAC this morning after their numbers are so far marginally up in pre-market trading.
The overall trading yesterday was far from horriffic as some profit taking after a big up week last week is healthy. As such the broader indices remain in the same position they were for the past few days…just below resistance (in the case of the SPX thats 1220ish) and above support. As discussed the past few days, a move down to the 50 day moving average on the S&P 500 would offer us the chance to test the market for support.
After the close today it will be tech companies strutting front and center: AAPL, INTC, YHOO, EMC, JNPR, amont others. let the games begin…we will monitor closely for trading opportunities.