Markets regained about 1/3 of their losses from Monday today. The Nasdaq had pretty good support at its 50 day SMA, and volume was not bad on the bounce off of it. It remains to be seen if the big round number of 1500 on the S&P 500 will act as resistance now. Transports issued some more dire news Tuesday. EXPD fell 8% today after reporting earnings, following CHRW’s 2/6 earnings miss which derailed the stock, pun intended, more than 10% that day. GDP shortfall making more sense? What is going on with Mexico these days? EWW is looking to be lower for a fourth consecutive week potentially. Some of its stronger names as of late have been withering away. AMX lost 10% 2/13 after an earnings miss and is off more than 25% from its 52 week high. BSMX, a formerly good looking IPO, especially when it took out a 14.87 flat base trigger on 12/4/12, has lost serious ground since hitting an intraday high of 17.95 on 1/14. It now lies more than 20% off its 52 week high. And TV has had some serious volatility the last couple days after trading very tightly. Something simmering South of the Border?
This article requires a Chartsmarter membership. Please click here to join.