Dow: -1063.0…
Nasdaq: -647.16… S&P: -153.28…
The S&P 500 dropped 3.6% on Thursday in a terribly disappointing session. The Nasdaq (-5.0%) and Russell 2000 (-4.0%) sold off even more than the benchmark index while the Dow fell 3.1%.
The most startling aspect of today’s session was that yesterday’s huge, post-FOMC rally was wiped out within the first hour of action. Aside from an uptick into the close, there was little interest to buy the dip and a lot of interest to hedge against further downside — the CBOE Volatility Index spiked 22.7% to 31.20.
As we all know, one day does not a trend make. What a giveback. Real bear market action.
Energy is performing best, but you will see some profit taking as funds sell what’s working, to meet calls on the stuff that’s killing them (tech/growth).
Rips and rallies getting sold. Bear market action.
P&L here. Mind your own risk levels. It’s treacherous out there.