I am not overly surprised at today’s market action. At one point I was down about 1/2 percent, but managed to recover and finish slightly in the positive on the day, and when I say slightly, I’m talking by a razor-thin margin. One disturbing situation though was the heavy selling in the Nasdaq, which far out paced the returns we saw in the Dow, S&P and Russell. But when you dissect the market action, there was some heavy losses in a handful of stocks that likely can be linked to the overall losses of the Nasdaq – in particular, I am talking about Salesforce.com (CRM) down 7.9%, Baidu (BIDU) which was down 4.2%, and the market darling and Netflix (NFLX) down 3.8%. All of these stocks have seen some of the best rallies out of the entire market this year, and today’s selling in those names could probably be contributed to nothing more than profit-taking at this point.
