It is perhaps worth reflecting on the smorgasbord of free advice given out by the talking-heads after last night's closing ramp proclaiming the dip to be bought and that everything was fixed once again. It was not. Stocks are making fresh cycle lows and the Nasdaq and Russell 2000 are both now below the 200-day moving-average and appraoching the 10% (correction) from their highs. 10Y is back under 2.6% and the 30Y yield is back at 10-month lows… which perhaps explains why "growth" stocks are back at 7-month lows versus "value" stocks…
Nasdaq and Russell have revsersed all the spike gains…
Bonds are soaring…(as growth hope collapses)
indicated nowhere better than the tumble in growth stocks versus value…
Which one glance at the YTD performance of S&P 500 sectors shows clearly… Utes +11.6% YTD, Discretionary -7.8%
Charts: Bloomberg
via Zero Hedge http://ift.tt/QadUPp Tyler Durden