If you’ve seen one, you’ve seen them all. A rather amazing lockstep day with XLF shown as the background focus ETF. The morning sell off was greatest with QQQ , SPY and XLB. TLT and EEM held their own at the open and while TLT went downslope for the rest of the day, EEM held strong and came out the day’s strong arm. We’re seeing a lot of relatively short term (2-4 day) mean reversion plays, reflecting a general consolidating character of the markets. These range bound conditions will of course break out sooner or later, most likely next week as April gets over the hump.
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