Morning Report – May 8, 2014

During the first hour of the trading day yesterday, it look like the bottom was going to fall out of this market. The small-cap indexes, the S&P Small-Cap 600 and the Russell 2000 dipped down into new low territory during the first 1/2 hour of the trading day, but buyers began stepping in to absorb the selling to push the Russell 2000 back to even for the day, while the SP 600 was actually up for the day.  The NASDAQ Composite also saw a similar pattern and closed the day only down .3%.  This had to be frustrating for the index Bears whose hopes for a major selloff were dashed once again.

The large tech stocks continued to take a beating, but rallied off of their lows. The Canary stocks all were weak and were down sharply most of the day, but all managed to bounce back from their daily lows.  LNKD which has been battered for months had the sharpest reversal to close in positive territory. Read Full Report