Major indices and sectors other than health care providers ended yesterday miserably. Financials, precious metals and resources suffered the most as folks shifted their interest to more defensive sectors.
While market action never reached a panic, this time the dip buyers were absent, either vacationing, asleep or simply refusing to participate. Of course, we have been expecting this for a while. It was due.
For now, it seems prudent to watch for real signals as to which way the wind is going to blow from here. We will watch to see whether upward action draws sellers taking profits – or whether this ends up being viewed as a buying opportunity. But, as we have said, there is still room to the downside before any real technical damage is done.
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