This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

The Shifting Sands Are Eroding Beneath Our Feet: StockTwits

Stocks in this article: QQQIBB

NEW YORK (TheStreet) -- You know that feeling when you stand barefooted on the beach at the edge of the water? Now imagine when the water rolls in around your toes and you begin to notice the sand foundation under your feet beginning to give way. You're still loving the view so you simply readjust your stance, giving you time to hang around a little bit longer.

This is what the stock market feels like to investors who perhaps are long index ETFs or stodgy dividend payers. Their feet are still shuffling in place near all-time highs, but the shifting sands underneath are starting to make them think it might be time to start looking for higher ground.

We saw a nice bounce off lows that were set Monday afternoon into Tuesday morning. But today's action surely left long investors starting to look around for the nearest hill to climb if that gentle bearish tide turns out to be the first wave in a destructive tsunami of sell orders.

Today, the Nasdaq 100  (QQQ) resumed its lead to the downside, taking out some key levels and signaling a possible change of slope in some much-watched moving averages:

$QQQ smashed down on underside test of weekly -- note how 20sma is flattening http://stks.co/h0UMn -- HCPG (@HCPG) Apr. 10 at 12:27 PM

(This chart was shared at midday, and it got significantly worse!)

The iShares Biotech ETF  (IBB) was the focus for much of the speculative activity in the first quarter of this year, but has witnessed a significant slide in the past several weeks. Chris Kimble points out that a key level here may trigger further pain if not held:

H&S top, now kissing he underside of neckline? Be careful if correct read! $XBI $IBB $BIS $QQQ http://stks.co/s0CDY -- Chris Kimble (@KimbleCharting) Apr. 10 at 08:47 AM

Even if it's merely a data point that alone means nothing, it could be significant. Surely casual investors will see headlines tonight and tomorrow pointing out the indices now being officially down for the year (not something they are used to):

Major indices now negative YTD. http://stks.co/a0Qe1 $SPY $QQQ $DIA http://stks.co/f0UT4 -- Y CHARTS (@ycharts) Apr. 10 at 12:53 PM

The question becomes this: is the panic over once it starts hitting the front pages? Or will it grease the slide?

Either way, buckle up.

At the time of publication, the author held no positions in any of the stocks mentioned.

This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,149.71 +175.40 1.03%
S&P 500 0.00 -2.75 -0.14%
NASDAQ 4,559.1580 +9.9320 0.22%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs