The NASDAQIRI is bucking the trend, higher by 0.1%. Both the SPY and Dow are off, with the Dow feeling the brunt of the sell off–down 90. Breadth is strong at around 56%. Gains are to be had in precious metals, biotech, energy stocks and tankers. Most of the weakness is in banks and a sundry of risk off related names, which bodes well for the risk on crowd.
With stocks like CLF shooting higher and the biotech sector rife with speculation, one could only surmise that this pullback is nothing more than a waystation for higher prices.
All in all, with crude hugging recent highs, natural gas soaring by 6%, and an overall bullish sentiment to the tape, I wouldn’t put much credence into this decline, unless of course it was paired with a sharp reversal in crude.
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Rates will be raised.. it’s back to slow steady growth. Contribute to your 401ks and take a decade nap. It’s on cruise control from here on out.