A Constructive Down Day

 | Apr 07, 2014 | 5:49 PM EDT
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Has there been enough pain yet? I keep thinking that we are barely down from the highs, even as the Nasdaq is badly oversold, and we could still be in for a couple of percent decline without much effort.

Against that, though, is the pseudo-recovery we had in the second-to-last half hour, which brought Facebook (FB) and Celgene (CELG) into the black. I regard those as quintessentially important, because Facebook led down the high-multiple Internet plays and Celgene collapses the not-as-high multiple biotechs.

To me, these have become the two stocks to watch if we are going to get stabilization. Believe me, there were some real buyers of these, but what looked to be forced sellers blunted the buying.

I actually think that if some big-gun analysts come out tomorrow and bull these stocks, they will hold -- they are that oversold.

I guess you could say it was one of the most constructively destructive days we've had of late, a total pounding that somehow could have been much worse. 

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