What to make of this morning’s action in the technology and financial sectors?
The two sectors raced ahead right after the opening bell, helping drive the Standard & Poor’s 500 to an early 0.5% gain.
But that gain quickly faded as these sectors–and especially technology–retreated. There isn’t any news to explain the reversal, which is what makes traders nervous. Some traders are saying that the open was just a head fake that sucked in hot momentum money and that has now reversed on profit taking on that move.
As of noon, Amazon (AMZN) was down 0.58%; Apple ((AAPL) was off 0.5%; and Facebook (FB) was lower by 0.56%
Oil is model higher this morning with the U.S. crude benchmark West Texas Intermediate up 0.49% to $43.22 a barrel.
