In a note out tonight, BTIG’s Dan Greenhaus makes an interesting observation:
We know that while “dips” were bought in the past, this no longer appears to be the case while the last hour of the day has become a minefield; all 10 sectors turned lower in Friday’s last hour.
Indeed, here’s the intraday S&P 500 chart for last Friday…
So yeah, not only did investors not try to rush in, they dumped, and they dumped anything.
One other interesting observation from Greenhaus: There’s been mega selling in the mega-caps.
Pfizer is down 9 days in a row.