Negative bias once again heading into the open. Intel has created some more problems for the market by slashing its outlook in its earnings report yesterday. So the Nasdaq is leading the charge downward this morning. We are undoubtedly at a “make-or-break” point for the market today: if it holds its lows, we could see a rally of sorts from the current levels, but if we break the all-important October Lows, then we will likely see another sharp leg downward.
The main catalyst for the market today will be the jobs report coming out at 8:30am EST.
Today’s short ALTH is being propped up by the 50- and 200-day moving averages. A break of the 200 could easily send this stock down to the low 6’s. But we urge caution at these levels in the market, since there is a possibility that we see a sizable bounce at the current price levels in the general markets – and you never want to be on the opposite side of the market.
Here’s the ALTH chart…