The Cool Down

The volatility in big-cap momentum names Tuesday was the tipoff that trouble was brewing, and poor economic news out of China provided a convenient excuse for selling. Overall, the losses in the indices were mild but a number of individual stocks, especially small-caps, took hard hits. Big-cap names, other than Google (GOOG) and Apple (AAPL), also had a hard time finding support.

In the bigger context, it isn't anything more than routine profit-taking, but the bears are ready to proclaim that the end is here. While that is possible, there is nothing to support such a view other than the same fundamental arguments they have been making all year. This market has consistently shrugged off those arguments but as soon as we have a day or two of selling, the bears rush to tell us that their predications are about to come true....1136 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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