It was the worst selling since August. Not only did we have a poor close but we have to be a little concerned that the market might be undergoing a change in character. The dip buyer just did not seem interested. We aren’t broken yet, but seems like we are on the edge of the cliff again. Good reports from Apple and Google were sold. Tech, especially the cloud computing group, and small-caps were pounded.
That said, this market has come back from the brink so often that it is dangerous to be too bearish. There have being so many cash and crash calls in the past two days, can they all be right? We also have month end mark up, FOMC, and State of the Union address next week. No wonder we have such a heavy dose of POMO to ensure those events go smoothly. Wink Wink.
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