The markets are getting hit very hard and traders may want to prepare for further weakness. Let's take a look at what is working and what is not.
Treasuries (TLT): As equities get hit hard, the bond play is looking good again. I talked about this on Friday. Move up your trailing stop as this ETF rallies.
Medarex (MEDX): This biotech play rising on positive prostate cancer news.Upgrades: Ameristar Casino (ASCA) and Waters (WAT) are rallying on analyst moves. Well-Known Names Bucking the Downtrend: Coach (COH), Visa (V) and KB Home (KBH).
Bearish:High-Beta Plays: Intuitive Surgical (ISRG), Green Mountain Coffee Roasters (GMCR) and First Solar (FSLR) trading sharply lower. China Tech/Internet: Baidu (BIDU), Shanda Interactive (SNDA) and Netease.com (NTES) are all getting hit hard. Financials: Goldman Sachs (GS) and JPMorgan Chase (JPM) leading financial gauges trading lower. Transports: We're examining railroad, airlines, truckers and package-delivery plays all weak. Watching Union Pacific (UNP), FedEx (FDX) and C.H. Robinson (CHRW). Internet Giants: Google (GOOG), Priceline (PCLN) and Amazon (AMZN) all trading 4% to 6% lower. Commodity Stocks: U.S. Steel (X), Freeport McMoran (FCX) and CF Industries (CF) are all getting crushed. Oil (USO) and Gold (GLD) are also very weak in afternoon trading.
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