Big name NASDAQ stocks are getting spanked, particularly GOOG (-2.7%), and that is dragging NASDAQ lower on this expiration. SP500 and DJ30 are no bastions of strength, but they are off just 1/3%.
SP500 -7.79, 00.38%
NASDAQ -46.85, -0.97%
DJ30 -59.68, 0.33%
SP400 0.04%
RUTX -0.24%
SOX -0.88%
AAPL iPhone 6 banned in Beijing and GOOG faces its own regulatory issues in the EU and elsewhere. Perhaps that is forcing an expiration selling 'event.' That is pretty generic; sounds as if the White House spin meisters came up with that one.
Rig count jumps, oil is higher by 1.83, and oil stocks are rallying. Biotechs and drugs are having issues. Construction, metals not bad at all. Most of the recent leaders are fine though not sure how much faith you put in an expiration Friday move. But, the leaders are performing.
Even though it is late Friday on expiration, we do like how UNT and NOV are acting and are looking at starting some partial positions on those, then see what happens Monday and if we pick up some more then.
Some of the drugs/biotechs are not great, e.g. AGN, ARNA, XLRN. VMW is problematic. SN, oil, is just not looking all that great. While we hate to close out on expiration given that many times stocks recover some ground the following week, we likely close AGN, SN and perhaps VMW and ARNA.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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