Midday Update: Seeking New Levels

At midday, $SPY has added slightly to yesterdays sell-off and has broken through the lowest levels of the month.

As of 12:30ET, here is some chatter in the top-trending ticker streams on StockTwits:

Many of the big banks survived the Federal Reserve Stress Tests, and though they showed gains in early trade, they’ve since faded since the open. Perhaps a bit of “sell the news”?

Yesterday the Fed accepted capital plans from $BAC and $JPM which included div raises and repurchases. BAC up 0.5%, JPM down 0.2% in premkt

— Dividend.com (@dividenddotcom) Mar. 27 at 07:17 AM


Ugly day for banks. Even $BAC now lower despite dividend boost. $C getting killed. $JPM $GS $MS down. $XLF off 1%. But $WFC still up a bit.

— Paul La Monica (@lamonicabuzz) Mar. 27 at 10:21 AM

 

$TLT continues to rise, breaking higher to levels not seen since last summer. Traders becoming skeptical of higher interest rates any time soon.

$TLT breaking out so much for higher rates http://stks.co/d0NIF

— Karl Snyder (@snyder_karl) Mar. 27 at 10:10 AM

 

Facebook $FB is attempting to recover some recent losses. With earnings coming up, Traders may be starting to sense some positive catalysts on the horizon.

$FB Reports on 4/30, very optimistic they will surpass analyst projections as they have in the past.

— Joseph Drago (@Joey_Drago_) Mar. 27 at 10:26 AM

 

Meanwhile, the slide in Google $GOOG continues, prompting some to start identifying technical levels that may offer some support:

$GOOG down almost 10% from February all time high; next support at October highs: http://stks.co/a0NXq

— Jeff Quiggle (@macroQmicro) Mar. 27 at 10:16 AM

 

In positive earnings-related news, Conn’s Inc $CONN reaffirmed guidance this morning, giving investors confidence and sending the stock up over 12% at midday. There is a large gap from mid-February to fill, leaving plenty of runway for further gains.

$CONN it was already known they were going to miss, but guidance reaffirmed, so up we go

— Tutti (@Tutti) Mar. 27 at 06:29 AM

 

~ Sean McLaughlin (@chicagosean)


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