Stocks drifted lower the entire session Thursday as the fiscal cliff stalemate continues. After yesterday's Fed announcement of additional QE yesterday, the market initially spiked, but during the afternoon the indices reversed course to finish in negative territory. Several key figures in the budget negotiations are set to go on holiday in the next few days and there has been little progress made towards a solution. The Nasdaq was the weakest index today, shedding 0.72% thanks in large part to Apple's (NASDAQ:AAPL) 1.73% decline.
The overall tape remains somewhat choppy, but there have been select chart patterns to trade over the last few sessions. A notable trade today took place in Priceline (NASDAQ:PCLN) to the short-side after Mike Lee highlighted in today's Morning Call.
*DISCLOSURES: Pete Renzulli and Mike Lee have no positions.