Bifurcated Market

It is strange to see the S&P 500 down so much while certain sectors are holding up well. Financials, staples and large cap tech are actually higher on the day. Small caps, commodity names, energy and pharmaceuticals are sharply lower.

As I have mentioned numerous times, today is the last day of seasonal strength. Seasonality has worked remarkably well and its possible that many algos are selling and rotating ahead of the weaker months.

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