Global markets took a dive last night as many investors started taking profits off this monumental bull run we’ve experienced thus far in 2013. The Nikkei was down 7% and the major headlines are swooning over this number, scrambling to come up with reasons to explain what happened. Chinese PMI is being cited as one of the reasons but in reality, a market that drives through all time highs daily is destined to pullback at some point.
Overnight shorts are getting paid this morning as the S&P futures are pointing down even after decent Jobless Claims numbers were released at 8:30 AM. Most traders are expecting more selling today but I’m almost willing to bet smart money has other plans in store for the traders that missed out on yesterday’s short entries. I’m thinking markets chop up down here and select names continue to ride lower. Unfortunately, finding the right horses is not going to be as easy as one would imagine.
Hewlett-Packard HPQ is top story this morning, putting in an 11% move higher during the premarkets after reporting earnings last night. This stock along with Gold, Silver and the Treasuries is probably the only things positive here.
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