click here Tech Wreck Part 2? Or Just Profit Taking.
Tech and biotech stocks were hit from sector rotation with the NASDAQ down 2.18 % to and the QQQ down 2% to $136.75 http://glaucon.com/viagra-equivalent-levitra/ as of mid-day trading. This is the second hit in June for the Qs near its 52 week high of $144 in early June. On Tuesday we suggested that holders of the meteoric XBI “take a little off” as shares were up 34% YTD.
Financials (XLF) and energy (XLE) lead the market today although they are barely up, whereas market leaders, technology (XLK) is down over 2% and healthcare (XLV) down over 1%.
Biotechs recovered a bit yesterday despite delays of “ACA replace and reform” but are being hammered across the board today with many 3%+ losers among mid and large caps.
After a great month in biotech, FANG stocks over owned and many fund books are closing out the month. A big JULY 4th holiday ahead makes it a good day to trim positions.
Update tomorrow on biotech stocks.