It was a very messy day but the market managed to close fairly well, which helped boost sentiment a bit. The afternoon selloff started early and that left enough time for a pretty decent bounce going into the close. Quite a few stocks, like AAPL, were hitting new lows before bouncing back sharply late in the day.
The bulls were a little overexcited this morning when the market bounced back quickly and then went green after weak Philly Fed news, but uncertainty in Greece stalled the momentum. In addition, the big-cap technology names showed pronounced relative weakness. Names like NFLX, AMZN and PCLN were under much greater pressure than the overall market. There was some talk that maybe a big technology fund was liquidating, but I have seen no confirmation of that rumor.
The market did come back late in the day, which was positive, but given how hard the market has been hit lately, it wasn't much of a bounce. Technically, the risk for further downside remains quite high. With the situation in Europe still a mess, it isn't hard to imagine a negative catalyst.
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