Back Selling The High Flyers

Friends

Today’s action reminds me a little of earlier in the year when the high flying momentum stocks lost some of their luster. We saw these same types of stocks feel the brunt of today’s selling. NASDAQ was down well over 1% for the session while the Dow and the S&P suffered less serious losses. Nevertheless it was a bad day for the bulls.

By the close, the Dow Jones Industrial Average was down 117 points to finish the day at 16,906. The S&P 500 was down 13 points to close at 1963. Gold was up $3 to trade at $1320 per ounce, while oil was mostly unchanged trading at $103.55 per barrel WTI.

Is this a little backing and filling after reaching 17,000 on the Dow after last Friday’s job report, or is this some trepidation as we enter earnings season? We’ll have to see if the bears have something going here or not. Stay tuned.

Have a nice evening everyone.

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