Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
While there was a quick and sharp rally off this lows 1540s level this morning of some 10 S&P points, it was of the extreme dead cat variety and has now given back all of it. This week we are seeing weakness in a lot of the high beta tech members like Google (GOOG), Linked (LNKD), Netflix (NFLX) which were the leaders of the first few months of 2013. And now today they have finally come for the last leaders outside of ‘pure safety’ (i.e. utilities) – the healthcare and biotech stocks.
I have been able to figure out how to put the 23.6% Fibonacci level on the stockcharts.com charts – and we are essentially there now. You can also see it is the bottom of mid March and early April ranges so extremely key.
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Any securities mentioned on this page are not held by the author in his personal portfolio. Securities mentioned may or may not be held by the author in the mutual fund he manages, the Paladin Long Short Fund (PALFX). For a list of the aforementioned fund’s holdings at the end of the prior quarter, visit the Paladin Funds website at http://www.paladinfunds.com/holdings/blog
