As mentioned a lot lately we are seeing quite a bit of divergences in the major indexes. While the S&P 500 is still up decently on the week the NASDAQ has now given up the entire gain of the week – of course the carnage in Google (GOOG) and continued weakness in Apple (AAPL) contributed mightily to this fact.
It is a very selective market at this point. At this point the question is will the S&P 500 lift up NASDAQ or vice versa. We should get some answers next week with Apple – I can't recall the last time the stock was so weak going into earnings.
(EDIT: For the SPY to fill it's gap it needs to get to 144.23 which also would erase all of its gains for the week)
Any securities mentioned on this page are not held by the author in his personal portfolio. Securities mentioned may or may not be held by the author in the mutual fund he manages, the Paladin Long Short Fund (PALFX). For a list of the aforementioned fund's holdings at the end of the prior quarter, visit the Paladin Funds website at http://www.paladinfunds.com/holdings/blog