Flip Flop Days

Continuing the recent trend of flip flop days (up one day and down the next), we're set for a difficult Thursday. Along with more sell the news reactions following earnings, investors are focused on more credit crunch chatter, an Australian hedge fund blowup, more weakness in the dollar, rising oil prices, declines in overseas markets, more bad news from the homebuilders ahead of the 10:AM new home sales report, and a weaker than expected durable goods report. If you suffer from attention deficit disorder, this is not a good market for you.

According to my premarket scans, buyers can be found in shares of BIDU, FSTR, VDSI, FFHL, MLNX, VVUS, AFOP, OMTR, SINA, AAPL, AFFX, SYMC, TNH, FORM, CELG, HLIT, CMI, RVBD, BLOG, WFR, HDY, FLOW, CKSW, QCOM, and CROX. Meanwhile, sellers are taking down shares of SONS, WVCM, AKAM, REDF, MKSI, AEIS, EXEL, LVLT, SPAR, UAUA, RNOW, FRPT, FFIV, VMED, MVIS, ARRS, ACGY, CRME, CMCSA, MICC, CTXS, ESRX, BARI, TASR, XMSR, IDSA, ERTS, OPWV, TLAB, ALGN, HOKU, BRLC, FSLR, and SPWR.

You can sense that traders are starting to lose their patience with the tape and are starting to doubt a quick recovery. Earnings seasons can be tricky affairs and this one has more difficult than we've seen in some time.