What will the close look like today (Tuesday)? It's more problematic than it has been recently, thanks to Libya.
This morning we opened up lower, and people came in to buy...but there is clearly a reluctance to hold positions overnight, because it is not clear what will happen in Libya.
Traders argue that Libya is not like Egypt: 1) Libya is a significant oil exporter, while Egypt is not, and 2) Gaddafi is proving to be a far more murderous dictator than Mubarak.
There are two answers:
1) Apple is 20 percent of the Nasdaq 100; when it is down 2.3 percent on very heavy volume that is going to weigh on both the Nasdaq and Nasdaq-100.
Big oil & gas E&P names like EOG Wal-Mart Stores Inc, Murphy Wal-Mart Stores Inc, and Chesapeake Wal-Mart Stores Inc are also up, as are some of the oil service names like Noble Wal-Mart Stores Inc and National Oilwell Wal-Mart Stores Inc. All are S&P 500 names.
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