The First Shoe???
Hewlett-Packard issued “concern” about its quarterly outlook, due to a slowdown in tech spending in Asia and Latin America, leaving the Bulls in the market to wonder if this is the first or the only proverbial shoe to drop.
After HWP’s news, S&Ps bounced off the low at 1270.70 to trade at 1272.30. However, traders should still approach the market cautiously as there is little in the way of up or down movement right now.
The NASDAQ is trading at 1900, off its lows at 1890. NASDAQ also spiked lower on the HWP news and has been trying to find footing since then.
The market was up earlier in the day, but given rollover and HWP’s announcement it may be best to keep it close to the vest through at least the early afternoon.