If you just looked at the closing of the major market indices, you’d think it was another typical day at the office.
Some mediocre economic news, stocks up, rinse, repeat, etc. But beneath the surface, some interesting stuff is happening.
Apple, which at one point was the NASDAQ, continues to be a big underperformer, having peaked in February. It was down again today.
Then there are the Chinese internet stocks, which have been getting slaughtered. The IPO of RenRen — the so-called “Facebook” of China — seems to have perfectly ticked the top. It lost 6.6% today. Vido site Youku fell 9.5% today. Sina initially rallied this morning, but ended down over 5%.
So the bottom line is that even on these up days, the stretched, high-beta stuff is still doing pretty bad.
Oh, and of course… silver.