The market came in oversold and the sell off on the FOMC minutes set us up for a late day bounce as there was nothing surprising in the minutes after Bernanke’s conference call from the last meeting. Key technology stocks like GOOG, AAPL, and IBM are having a hard time, while other sectors perform better as July is often the strongest month in the 3rd quarter. If we continue to sell off buyers may show up before earnings and Bernanke’s testimony next week, but some spike in fear would be welcomed.
