Market reacts to earnings warnings

Market had put together a good bounce in last 10 days, however earnings warnings from some of the bigger bell weather stocks put the market under severe strain.

Semiconductor makers like AMAT and AMD warned of shortfall yesterday. That was followed by warning of CMI slowdown . Combination of these news had the market reacting negatively and reversing hard from the early morning bullishness based on Europe news.

The DJ-30 and SP 500 have 4 down days now. Breadth has also been negative. This puts the rally attempt under severe pressure.

As more earnings come the market might come under further pressure.

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