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A rare down day for markets and one that had some teeth. The S&P tumbled from the 1530 level all the way to 1511. The majority of the losses came following the release of the latest Fed minutes which were once again more hawkish than expected. So far, two of the worst days in 2013 have come when the Fed has released minutes discussing the economy looking better. Strange days but worth keeping in the back pocket the next time the Fed minutes are due out.
Volume today was the highest since January 2. There always seems to be bigger volume on the down days, but considering the move up we’ve had, that’s only normal. Everyone is wondering if this is the big shakeout that we’ve all been waiting for. I don’t have the answer, I only know that every dip seems to get bought and I don’t think this one will be much different, although we could see some down to sloppy action for a couple of days.
On a percentage basis, the Russell 2000 was hit the most today, which makes sense because that index has been on a tear without looking back since December 31. Check your charts on that one.
I hope everyone got through he day without much battle damage. I’m rooting for some lo,wer prices so I can grab some stocks with better entries.
Have a great night.