We saw a day like yesterday on 6/25 and 7/27 only to see NASDAQ hold at the 50 day average within pennies after a little more downside. We just know yesterday was another scare day where growth leaders took it on the chin. Some reversed a lot, others stayed near lows.
The good news behind any weakness in the indices is that it is easier to isolate the real strength. The names that hold up best will usually lead when any correction is over. Can it get worse? Of course it can. Use the 50 day average as it has held 3x in the past few months.
The biggest issue we continue to have is the real weakness in global markets as well as global currencies. The U.S. market continues to outperform by some of the widest margins we have seen in a long time. It is not out of the question that the U.S. market follows them but so far, not even close to happening.
Futures up a wee bit this morning. And we do not care that it is September.