Stocks are down overall but they downside is led by technology. Sure some have rebounded, e.g. DATA, but overall still negative as other areas bounce, e.g. large drugs, industrials (ETN, EMR, HON, etc.), trains & trucks (ODFL), personal products -- not the most exciting group, but we own many of them and after logging gain on techs lately and dumping some remaining positions today, they are helping out.
Perhaps the start of a new rotation but also, techs were just strong and are now testing back more as money does rotate to the areas that slumbered for just over two weeks after good runs higher.
Just look at the percentage declines and where they are:
SP500 -10.48, -0.36%
NASDAQ -101.85, -1.26%
DJ30 -6.29, -0.02%
SP400 -0.12%
RUTX -0.32%
SOX -0.58%
NASDAQ 100 -1.43%
If you don't have or want to add more ENT, EMR, PFE and the like, this is still a good time to do so today.
______________________________________
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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