Dow: -183.12…
Nasdaq: -60.62… S&P: -18.73…
The indexes were rejected at the top of the channel today which isn’t surprising. It means nothing because the bulls could be right back at it tomorrow, but it was a level where things could get turned back.
Tech was weak, so were semis and software. Biotech (XBI) took a rest, pulled back 1.5%, and settled the day right on its 21-day moving average support.
Gold and silver added more gains as the dollar continued its free fall.
The VIX popped 10% but financials were only about flat.
Today may have just been a little hiccup and the bulls still have the baton, but I don’t think it’s a bad idea to nibble a short or two, and at the very least raise stops.