Just as I hate a higher opening, a lower opening is music to my ears.
If you are going to wipe away the uber-bullish feeling that we came into the year with, there's nothing like the give-up, a recognition that there's no real upside, so let's just take some profits.
The whole issue for 2014, so far for me, is that we had such an amazing December that it would be downright silly to believe that there isn't some profit taking to be had. That's exactly what we are getting.
At the same time, we are getting some excitement going here that can't be suppressed: a takeover for Beam (BEAM), a drug filing for Merck (MRK), which I have said in "Get Rich Carefully" has to restructure (seems like they are doing just that) and still one more day when the biotechs are popping (biotechs like Jazz (JAZZ) and Clovis (CLVS) as the hunt for the next Intercept continues).
In addition there's Twitter (TWTR), which has been hit with pretty much a relentless set of Sell recommendations, causing a damper in tech, and Juniper (JNPR), which has an activist stirring the pot. All those make for reasons to take advantage of the downturn.
No excuses for the retail cohort. It's not good. But that's not the only segment in this market and many more are doing well than doing poorly, and that's what matters.