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The US market seems to have hit a landmine during this earnings season.Although it was never expected to be good, markets have had a hard time digesting the news.
But it hasn’t been that bad from a performance perspective — just a few ugly days and stock charts lately.
BTIG’s Dan Greenhaus has the sumup:
If you want to see an ugly chart, check out MNST. Or DD. Or APOL, CMG, XRX or IBM for that matter. These companies like many, simply haven’t made it through earnings season unscathed. But the S&P 500? If you can believe it, since AA reported after the close on the 9th, the S&P 500 is down less than 2% or so while the index is down roughly 3.5% since its near term high in mid September. Certainly there’s been rotation; tech is down the most this month after running higher all year but that’s a function of earnings (IBM, RHT, GOOG, semis). Financials are/were the best sector year to date heading into October and that sector is up 1.7% this month.
Bottom line: Some notable bombs, but overall, the market isn’t THAT much of a disaster yet.