Deepening worries over the pace of global growth spurred the latest tumble in stocks. Thursday’s slide in stocks was among the deepest of the year, with stocks falling from the opening bell and picking up speed through the afternoon. Some of the hardest hit sectors were high-growth pockets of the market that have enjoyed big gains this year, including health-care, technology and consumer-discretionary stocks.
Trading volumes were unusually heavy—particularly for late August, a usually sleepy time for stocks.
The Dow lost 358.04 points, or 2.1%, to 16990.69, its lowest finish since October 2014.
The S&P lost 43.88 points, or 2.1%, to 2035.73, wiping out its gains for the year. The Nasdaq dropped 141.56 points, or 2.8%, to 4877.49.
Biotech just had a horrible day as it was down 4% and it broke some key support at 357. The next support could be 330-340.
All etf’s were heartily hammered today and bonds and gold rose. The 10 year note is down to 2.08%. Who would have thought?
It’s tough out there guys, and its a great time to step aside. As I always say, let the market come to you. Catching knives is a bad idea.
I added another short today, CEB. Bear flag breakdown. Target areas are 72 and 65.
See you in the morning.