Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
Until this week, a select group of about 40 stocks has held up quite well considering the 3% correction. Today however we are seeing major selling in these names, even as the indexes don’t look “that bad”. (NASDAQ is underperforming significantly) Some samples of the damage as follows:
- Yelp -6.8%
- LinkedIn -5.9%
- Sina -5.3%
- Baidu -4.5%
- Facebook -4.1%
- Yahoo -3.7%
While these all are related to the internet we are seeing the same damage in other “hot” sectors such solar stocks and just about any biotech, which has been the market’s main winning group of 2013. It is one of those days the indexes are not telling the tale because things like utilities are rallying.
Volatility has obviously increased substantially…
Disclosure Notice
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/index.php/the-fund/holdings
