We still haven’t had a real selloff yet this year.
There’s still been no day where the S&P 500 was down 1% since late last December.
Today’s decline was the second heaviest though — last Friday’s 0.69% decline was the worst.
But today felt different, like the insane momentum and buoyancy that we’ve seen for weeks now might be coming to a bit of an end.
First there was Apple, which has just ben on a ridiculous tear. It alone was holding up the S&P 500 and NASDAQ all day, until finally around mid-day it broke in an instant.
The fact that it gave way so dramatically and suddenly is pretty interesting.
It’s also a fact that the performance of a few select names has masked selling in sectors like the transport stocks for a few days. And the Dow Jones Transports selling really gathered steam today.
And in general, over the past several weeks we’ve had several days that started off weak, only to end strong. Today was the total opposite — starting off very strong, and ending pretty weak.
It’s also notable that some high-beta risk markets, like the Athens market got totally clobbered today, down 5%. Bottom line: Today feels like something broke.
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