By Markus Heitkoetter
Overseas markets tumbled in overnight trading, and U.S. traders started the day with the major indices down over -1.0%. The selloff was linked to concerns over Portugal’s banking system.
It definitely could have been a lot worse…with the S&P down over -1.0% at the open, stocks found support and eventually trimmed the overnight losses in half. The S&P ended the day down -8 points.
Down as much as 180 points during the day, the DOW finished the day down just -70 points.
Potbelly Corporation (PBPB) might not be on everyone’s watchlist, but those who were short the stock or bought puts woke up to some “good” bad news this morning. After announcing that the company’s revenue would come in below estimates, the stock traded to a new record low and ended the day down -25%.
A Power Crossover Method Sell Signal was triggered on 7/3/14 after trading at $15.33.