Off the Charts

Tech stocks led the sharp decline in U.S. markets today as there continues to be little progress towards a compromise that would raise the debt ceiling. The S&P finished down 1.2% and closed below the key 1660 pivot that we have been watching, but it was the Nasdaq that saw more extreme damage with a 2.0% drop.

In addition to tech, biotech stocks, which have been another source of relative strength, also got punished in today's action. The Biotech ETF (IBB) finished down 4.37%. We saw a classic flight to safety as Utilities (XLU) finished higher and Consumer Staples (XLP) held up well....894 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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