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Technology shares continue to get wrecked, with the NASDAQ Composite trading down over 2 percent at one point on the day, although as of 3:30 pm has rallied back to down 1.3 percent.
Unlike past selling days, today does not seem to be program driven. With the patterns not as tightly correlated.
It appears for now that the Nasdaq has begun to turn and is now trending higher on the one-minute charts.
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Even our litmus test stock Tesla has appeared to have formed a double bottom around the $354 level and has moved higher.
Biotech has moved higher as indicated by the IBB and appears to have bottomed
The sell-off in the Nasdaq and Tech mid-day was steep but for the most part the market has been able to battle back. It is worth noting we have given back all of the gains from yesterday and are now lower than levels seen on June 27.
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Michael Kramer and the clients of Mott Capital Management, LLC own shares of TSLA.
Michael Kramer is the Founder and Portfolio Manager of Mott Capital Management LLC, a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Upon request, the advisor will provide a list of all recommendation made during the past twelve months. Past performance is not indicative of future performance.