Bad data. Bad momentum. Bad news flow.
It'll do it every time.
Here's what to expect tomorrow: downgrades, downgrades and downgrades. Downgrades for biotech before they go too low. Downgrades for techs before they go too low. Downgrades for industrials because of weak durable goods orders and the strong dollar.
To me, it's natural and you won't get a real bottom until they happen.
What's amazing about how heavy the selling is today is that we wiped out the Kraft (KRFT)-like gains.
That's what I would be itching to buy tomorrow: old line food and drug. Kimberly-Clark (KMB). Merck (MRK). Unilever (UN).
Then, after that, I would take a look at faster-growing non-biotech health care.
I wish I could say retail, but the Sonic (SONC) bomb is ringing in my ears: that stock should be up today, not down. Which means more downgrades are coming.
Or as we used to say on the trading floor -- give it some berth.
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