"The reopening is fizzling," Nadig said in response to the action. "We're starting to bring some reality back to some of these names that may have run too long.""We've got a long way to go before we can really get a rally until we can find a bottom in some of these names that ran so hard," Nadig said.
Without two of the market's most prominent stock groups — tech and the banks — leading the slide, reigniting the rally will prove difficult, said Todd Rosenbluth, senior director of ETF and mutual fund research at CFRA Research.
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