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OPINION

Up Day But Market Still Draws Blood

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The market was higher. Yet it felt like a very ugly session, even frightening. Aside from the stock market still grinding it out, as (formerly) hot stocks have turned decidedly cold, I read on Wednesday about plans for a remake of the 1922 classic ”Nosferatu”: A Symphony of Horror.

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Touching that movie with today’s lack of talent and over-reliance on special effects would be a travesty. On that note, some of the selling I’m beginning to see could also be called a travesty, but it’s the bias and it’s firmly positioned. However, it’s too early to attempt to take advantage of this; the moves are too sharp and sudden.

It’s not to say that a lot of tech management teams needed their comeuppance. Yelp’s team has been jerks, not addressing simple issues. The posture of Twitter’s team was appalling as well- a couple of disconnected dudes were looking as though it was a bother to hold a conference call.

The whole thing is just ugly and a bit scary.

On that note, all eyes will be on Facebook today after the company beat on the top and bottom, but committed the sin of daily active users dipping to 968 million- the Street was looking for 970.5 million. (Don’t laugh; also, don’t cry.)

The big shift into blue chip names might continue today. What does it mean for the entire market? Last night, I interviewed Leon Cooperman, and while he isn’t a raging bull, he doesn’t see a market top. There isn’t wild bullishness, and there won’t be wild interest rate hikes as the economy is growing, albeit at a glacial pace, but growing. Ideal portfolios will have a couple of wrecked tech names, but it’s not like you’re whistling past the graveyard, it just comes with the territory.

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It’s still worrisome under the hood.

Lots of losers, including names succumbing to fresh 52-week lows….

….but volume is strong on the upside, signaling there was some dip-buying out there as well.

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