Markets overcame early weakness, and made a stand, only to fatigue late in the day. Both the Nasdaq and S&P 500 lost a little more than 1% today. Hard to believe markets had the nerve to fall two Tuesdays in a row. Some more leaders took it on the chin today. There must have been some nails in the bedding today, or the stock woke up on the wrong side of the bed. Either pun you like, MFRM still fell below its 38.95 flat base trigger it took out last Wednesday. LULU plummeted 17% following an ill received earnings miss. The report was not “shear” like the clothing controversy recently, or investors would not have been caught so off guard. Some commodities continue their recent wayward ways with copper stocks falling further today. Former leader SCCO fell below the round 30 handle today, and is off almost 30% from its most recent 52 week high. NAV drove itself into a bear market today after its own earnings miss, down 20% from its most recent 52 week high. It shredded its 50 day SMA to the downside, and its prior flat base breakout trigger of 37.75 that occurred on 5/17 is but a distant memory.
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