Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
Frankly it’s quite impressive the market is “up here” with the decimation going on under the surface. Group by group is being sold off, and rotated out of – the last group that had been holding up was high growth consumer discretionary. You could argue biotech but it’s concentrated in a relatively few names even there.
As I mentioned yesterday these consumer discretionary names were being sold big time yesterday and the carnage continues today. Here are but a few samples. And yes they will bounce violently at some point – maybe soon – but now there is technical damage galore.
So what is left? That is the problem. After a 4-5 day respite from breakouts being sold and actually working about 8-9 sessions ago, we are back to a box of “one offs” that are holding in – stuff like Walmart. There is simply no group to attach the wagon to now that consumer discretionary has been slammed.
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