Diamonds and Dogs
Skyworks Solutions (SWKS) is one of the few diamonds today. The chip maker that counts Apple as a major customer rose 1.8% after Apple disclosed mid-quarter guidance indicating that business remains strong and is actually accelerating in China. Most companies can't say that. Apple's stock was also a diamond mid-day until it dropped into the red once again by the close. Tough day for the bulls.
Back to back to back. For the third day in a row, the dog was …Everything. We followed up a 500 point down day on Friday with a second 500 point decline with the first ever 1000 point decline on the open. The morning session set up a good capitulation point for the bulls, but with the buyers fleeing once again into the close, we may see more weakness in the coming days. Energy and material stocks continue to lead the decline with no sign of letting up with most of the major players making new 52 week lows today. A tough time to be in the oil space.