Ah, so much for the Intel bulls. On a downgrade today, Intel is getting hammered — and taking all of tech with it. Check the overall market map for a sea of red, with tech standing out:
Now, here is tech itself with some of the biggest losers today highlighted:
Question: How has tech gone from hero to zero so fast? Answer: It hasn’t.
What has happened, however, is that earnings-nervous investors have recently been running from value stocks to growth. As a result, when there is even a whiff that tech is less “safe” (a dubious notion to begin with) than they thought, as happened this morning, the very narrow sector — Google, Apple, RIMM, Amazon, Intel, etc. — sells off with a vengeance.
Some highlights: Dell -5.7%, Broadcom -5.3%, Apple -3.2%, Google -2.3%, and Intel -7.3%. Oh, ouch.
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Hi Paul,
Happy new year and thanks for the always valuable blog entries!
Question – where are these images from? What program are you using to follow the markets?
Many thanks,
RT
RT – These are made using SmartMoney’s market map: http://www.smartmoney.com/marketmap/