MLR - PMP 4/11/14
Major averages tanked on sharply higher volume as the correction continues. The NASDAQ Composite is now more than 7% off its peak as it heads straight for its 200-day moving average, and the S&P 500 is more than 3% off its peak where it closed below its 50-day moving average for the first time since February.
Damage to leaders continues to well surpass that of other stocks. Formerly strong groups such as internets and biotechs continue to fall with the Market Vector Biotech ETF BBH off more than 5% on Thursday. That said, quantitative easing is on full blast so if a floor cant be found within the next couple percentage points on the NASDAQ Composite, the major index will have fallen from its peak more than it has since QE began on full tilt in January 2013 which could be the start of a deeper correction that exceeds 10%. Such a correction has not occurred since November 2012.
This information is provided by Virtue of Selfish Investing, LLC (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing, LLC. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2016 Virtue of Selfish Investing, LLC. All rights reserved.