The major market averages finished near breakeven on mixed volume after an early-morning gap-up, with the S&P 500 closing down for the day, while the NASDAQ Composite finished up 0.26%. The NASDAQ managed to pierce the 4000 price level for the first time since year 2000, but only briefly, finishing just under 4000 while logging a churning day on higher volume.
The troublesome aspect of this market is that a number of leading names continue to get hit including Facebook (FB), LinkedIn (LNKD), Qihoo 360 (QIHU), 3-D names, and the solars including Sunpower (SPWR), and Trina Solar (TSL). Yelp (YELP) was also hit for a -6.72% loss yesterday as it makes lower-lows well below its 50-day moving average. Even as the indexes have moved back up to their highs, individual stocks tell a different story as progress has been difficult for many leaders.
As always, keep an eye on your stops in this QE-treacherous environment which pushes major indices higher while clocking leading names on small consolidations.
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