Zenolytics downside target on the NDX was met and exceeded with this mornings dramatic weakness in tech related names. The type of sloppy behavior we are witnessing with various sector seemingly in a knife fight with one another while major averages are cross eyed with volatility is perfectly standard during important turning points.
In fact, the nature of today's volatility only cements the argument that we are at a major turning point in the markets that much further. These types of turning points in the markets offer extremely attractive risk/reward characteristics. As a result, it is incumbent on the market to torture investors through inflicting doubt as to the voracity of their analysis.
Moving along the lines of a bullish turnaround looming, the SOX has now had two days in a row of relative strength and is currently up nearly 1% despite the fact that Fangs and software names are experiencing substantial selling today.
The buying window for equities opened this morning and will remain open through tomorrow.
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