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.
$SPY to 200ma 1760s then stablizes, it wouldn't even be a "correction". run of the mill 6% pullback. so don't be too eager here- _flipper_ (@_flipper_) Apr. 14 at 11:15 AM
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 AM
Investors 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.