Investors Say Fade the Rally: StockTwits.com
NEW YORK (TheStreet) -- The major indices rallied Monday after a sharp two-day sell-off that had dragged the markets into negative territory for 2014. But investors on StockTwits.com weren't relieved.
Many remained bearish on the major indices despite Monday morning's broad based gains and returned momentum to high growth tech names. The S&P 500 gained 0.9% by noon and the Dow had climbed 0.8%. The hard-hit Nasdaq recovered more than 1%. However, sentiment on the ETF that tracks the S&P (SPY) stood at 70% bearish, according to StockTwits' analytics. Sentiment on the ETFs that track the Nasdaq (QQQ) and Dow (DIA) held at 58% bearish and 62% bearish, respectively.
$QQQ oversold bounce may be start of a bull trap. could see this forming a H&S top. - Captain Obvious (@Captain_Obvious) Apr. 14 at 10:45 AMInvestors said Citigroup's, $C, earnings beat held little information that was positive for the broader economy. The bank attributed a 1% decline in sales, in part, to reduced refinancing activity. However, non-performing loans dropped, enabling them to release more than half-a-billion in reserves. Investors remained particularly bearish on the retail sector, despite March data that topped many economists' expectations. The Commerce Department said retail sales increased 1.1%. SPDR S&P Retail ETF (XRT) gained 0.95% on the news. But cashtaggers said the report was a bull trap and remained 100% bearish, according to StockTwits' analytics.
Don't be fooled by Corporate Media hype - Retail Sales Report Was NOT GOOD $XRT #RetailSales: http://stks.co/r0D2n - Philip Davis (@PhilDavis) Apr. 14 at 09:49 AM
$XRT Firm Bearish - Best sell 82 - 83.34 below 80.76 target 79.15 - 78.15 #SPDR #Retail #Index #ETF - Abhishek (@TrendAdvisory) Apr. 13 at 06:24 AMDespite the bearishness on economic growth and sales, most investors weren't calling for a deep correction--at least not today. And there was renewed love for some of the most beaten-down sectors such as 3D printing. 3D Systems (DDD) and Stratasys (SSYS) were among the most discussed tickers by noon Monday. 3D Systems was down 1% by 11:45. Stratasys had gained 6% intra day.
$SSYS The tide has changed - jb (@joelyboyblue) Apr. 14 at 11:08 AMStratasys news helped the stock. The company announced today that a UK medical device company reduced its prototype costs 96% using Stratasys printed parts. The company, Brightwake, developed a blood-recycling machine with Stratasys' three-dimensional printer that recovers blood spilled during surgery and recycles it back to the patient. At the time of publication the author had no position in any of the stocks mentioned. This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.
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