Needed a Rest

Dow: -269.09…
Nasdaq: +10.81… S&P: -15.40…

The Nasdaq  (+0.1%) eked out intraday and closing record highs on Tuesday, while the S&P 500 (-0.3%), Dow (-0.8%), and Russell 2000 (-0.7%) closed lower, as investors leaned defensively into the mega-cap stocks.

The broader market struggled to attract buying interest, as investors digested reduced Q4 and 2021 GDP forecasts out of Goldman Sachs, the expiration of enhanced unemployment benefits, analyst downgrades to three health care Dow components, and a sell-off in cryptocurrencies that reminded some people about reducing risk.

VIX also popped 10% today so the market was overdue for a little retracement.

Almost every major sector got hit, even staples. SPX breadth was horrible, 5to1 decliners, and Nazzy was not great either.

We took a stop on the balance of BTBT at breakeven because crypto-related names were under pressure. I still like the chart a lot so when crypto settles I will probably revisit.

See you in the morning.

P&L here

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