There are many big earnings reports this week, including two that will likely garner a lot of chatter Facebook and Twitter.
Here is a quick breakdown on both:
Overnight China's stock market had its biggest one day crash since 2007. US equities are set to open some .5% lower, on the heels of Friday's sharp sell off.
The update I posted last week about the risk of a pull back has come to fruition. There is a little more downside left before major support is hit.
Here are this mornings reads:
Stocks sold off. That about sums it up. It wasn't a terrible session by any stretch. $AAPL and $UBM bounced, but not nearly enough to abate the selling pressure that was present throughout the session. Individual names continue to work amid this back drop. $TWTR took its medication today and traded higher. $GOOGL on the other hand traded down some 3%. $GOOGL is still up 6 trillion percent from last weeks earnings move, but its still something to keep an eye on.
The VIX moved to its own tune yesterday. Today it took the headphones off and had a good listen at the overall market weakness. That 12 zone remains well respected and has been the launch pad for spikes higher, and subsequent pull backs for the stock market.