Energy, Utilities and Communications were winners. Has the FED lost control of the narrative . Oil flat, Gold down . Is JoJo about to withdraw? Try the Pan Seared Veal Chop. So now it’s not just technology that is under pressure……the weakness that we’ve seen in tech over the past week or so has now moved onto the broader market. The VIX surging up and thru resistance on both Wednesday and Thursday – rising 26% and that was one of the catalysts that sent stocks lower….
How long have we been having that conversation? So, anyone that is surprised by this recent action has been living under a rock. Technically – you can look at the charts and you can look at the RSI’s for individual names as well as sectors and indexes….LLY was in overbought territory, Financials were in overbought territory, the Dow, the Nasdaq, the S&P and Russell are in overbought territory.
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