‘I’n a ‘B’ad ‘M’ood – If you were able to pick up on those not so subtle clues, the market looked to recover from Monday’s slide lower and pinned some hopes on the first big tech name to report. Granted this earnings period will be a giant finger in the air (not that one although by the time the season is over…) but IBM’s report didn’t live up to the challenge. One particular comment about a ‘a shift in client priorities toward the preservation of capital’ seemed to spook investors and cause a selloff in a crowded trade that had been relatively immune. No longer, at least not today. FANG has been caught up in the momentum unwind but with a whole lot of Netflix and Chilling going on over the last 5 weeks, the streaming service gets a chance to turn the tide as they report post the bell.
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