More of a tech wreck yesterday. Many are out saying it is nothing…it is a blip…just buy. That’s fine. We hope they are right. But evidence in so far is the big money is now selling growth and parking the money in value. We suspect that is something that only lasts a couple of days.

There are many chart breaks on a short term basis…but also on an intermediate and possibly a longer term basis. At the very least, many of these names are going to need time to repair themselves.


When Netflix gaps down, it’s a wake up call. When Facebook gaps down 20%, it’s a wake up call. When Intel gaps down badly, it’s a wake up call. When Twitter gaps down, it’s a wake up call. When Amazon opens up $70 and just about gives it all back the same day and then a bunch more the next day, it’s a wake up call. When we see that most growth names were rolling over, it’s a wake up call.
As you can also see, money is indeed flowing into lower beta areas. The question is whether money is being parked there or this is just a major change where money can be made longer term there. Need some more cards coming out of that deck.
Big money is flowing into OILS off of higher oil prices. This is a place to scan on a nightly basis.
Futures are bouncing a wee bit this morning. ILMN big gap to the upside. AAPL after the close.