DayTrading QQQ Swings (QQQ)

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Stocks fell yesterday after a Federal Reserve official threw cold water on the notion that another round of stimulus is on its way. The selling started early, after reports indicated that manufacturing hit a nine-month low in China and contracted across the eurozone for the seventh month in a row. Also, jobless claims increased to 372,000, more than 365,000 expected. Meanwhile, new home sales rose 3.6% to a seasonally adjusted annual rate of 372,000 in July, better than the 368,000 expected. Hewlett-Packard slid 8.2% following weak earnings and negative comments about the PC market from CEO Meg Whitman. Coupled with Dell’s disappointing results, H-P’s outlook cast a pall over techs, especially companies tied to the PC sector Autodesk and Salesforce.com were hit hard in the evening trade after quarterly forecasts came in below estimates. Autodesk tumbled 22%, while Salesforce.com slid 5.6%. Implied volatility inched higher on moderate trading volumes.
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