Thus far we are seeing a nasty reversal of Friday's gap and go, a complete 180 in fact. As I type the market is back to where it was at Thursday's close. That takes care of one of the four gaps I discussed this morning. On an intraday basis the 10 day daily moving average for the S&P 500 is broken (first time in 2013) but we'll have to see how it ends at the market close. As for breadth – an absolute mess. Worse than many of those days there was the panic selling on the fiscal cliff in late 2012. On the plus side, positive is not excessive.
Any securities mentioned on this page are not held by the author in his personal portfolio. Securities mentioned may or may not be held by the author in the mutual fund he manages, the Paladin Long Short Fund (PALFX). For a list of the aforementioned fund's holdings at the end of the prior quarter, visit the Paladin Funds website at http://www.paladinfunds.com/index.php/the-fund/holdings