Earlier in the day, the Dow was up 90 points.
Now it’s up just 14 points.
Dave Lutz of Stifel, Nicolaus offers up four things he’s hearing from his trading desk.
AAPL getting crushed again today – Many reasons bantered about for the weakness – Bottom Line, heavy MoMo pressure (Still Long)
“Hearing” IAEA Says Talks with Iran Have Failed – that’s what has bounced Brent – Increased geopolitical risk —> Time for profit taking? While we see WTI Flat on the session, Brent has moved up 1% quick…
Reversion into Bonds, with 10YY off 6bp quick during this move.
10YY has ripped 50bp in short order, so some buying going on – especially after BOJ’s overnight actions
Financials are coming off quick – Maybe the spike in yields causing concerns on Builders – the momentum group? Homebuilders go red. Lotta profittaking there – that is the mo downside group in this slide
13F filings – many pointing to the vast liquidation of Mo stocks like AAPL – but this is all in the rear-view mirror, and should not be a factor Shorts have come off in a hurry, with most short 110bp off highs and only o/p SPX by 30bp right now