The selling continued today in a sign that the markets might have reached a reversal. Stocks were down over 1% today. The S&P 500 is down just shy of 50 points (about 3%) from its record close last week. The NASDAQ has suffered the brunt of the sell off and is down 200 points (about 5%) from its high last week. As of today, the markets have lost all the gains they have had this year. Is this just a dip? Is this a correction (10%)? Or is this a start of something more? In any event, the bulls are getting beat and the bears are celebrating. I think the market is overdue for a major correction that can become something worse if panic sets in.
What do you think?
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