Tuesday, January 17, 2006
Intraday : The momos have spoken
In afterhours, we're seeing a panic-laden rush to the exits out of tech stocks. Big moves in the bellwethers. YHOO down 13 %, INTC down 9%.
The Semis (SMH) are down close to 4 and a half percent just today, including AH action. SEMIs have now given up close to two-thirds of their year-to-date gains.
Market pricing of actions indicated nothing of the turmoil we have witnessed on the first day of the week. Savvy traders faded the market bias in options pricing. VXN close to 17. Another to keep an eye on.
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