It appears we are following the path of 2000, after all. But the correction is being masked by the mega caps in the NASDAQ and Dow, which are holding up well because they all pay dividends now. My thesis was very simple: the correction that began in March-April, then halted from May-August, would resume and tear down the share prices that rose during the summer months.
There are roughly about 4,000 relevant stocks that trade in the US markets. I am looking at a screen that states 364 stocks are down 20% over the past month. That’s nearly 10% of all stocks, publicly traded. I call that a correction.
Ground zero for the correction is energy. But there are derivatives of the energy trade who are suffering, such as solar and a slew of alternative energy names.
Here are some notable one month decliners.
The ongoing correction is pervasive, broad based, and is picking up steam. This market is toast and you are a slice of melting butter.If you enjoy the content at iBankCoin, please follow us on Twitter