Market Recap, AOL Stock Jumps Over 40% on Patent Sale

The market gapped to the downside today after Friday’s abysmal jobs report. The indices recovered some of the losses throughout the afternoon but still closed down over 1%. Volume was not high enough to count as distribution. A look at the intraday action,

Interesting reads:

  • Midcaps stall at old highs, NYSE weakens (
  • Facebook Buys Instagram for $1 Billion (TechCrunch)
  • March finishes as warmest month on record (ZeroHedge)
  • AOL sells 800 patents to Microsoft for $1.06 Billion (Bloomberg)
  • 60 Minutes Reviews the European Debt Crisis *Video* (MarketMontage)

Updated looks at the NASDAQ and S&P 500 below. Stay frosty out there.

And here is a look at AOL (AOL) stock from my MarketSmith account which has had a nice move since bottoming at $10.06 on 8/10/11. I would wait to see how the stock moves over the next few days before considering a purchase. A massive influx of cash may not have the same effect long term as compared to blowing out earnings.

Click to enlarge

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