Markets started in the green today and it did not take them long to fall into the red, but a late afternoon rally had the Nasdaq and S&P 500 finish near the UNCH mark. The Nasdaq dropped 1.5% at its nadir and in the end was not able to stop a now 8 session losing streak, falling .1%. It feels like the selling has not intensified in regards to a panic state and perhaps the indexes need a deep red futures pre market to get the fear instinct alive. Looking on the RSI of the Nasdaq it is now below the oversold 30 number, its first time since late August. It made a series of lower highs and lower lows since touching the 70 figure in late October and perhaps the dead cat bounce is underway. After all the Nasdaq did record a bullish hammer candle Monday, however notice last Monday (1/4) did the same and we know how last week turned out. Seven out of the 10 major S&P sectors rose Monday, with the energy, materials and healthcare groups the only ones to recede. Healthcare names were stung by the drug price debate heating up with the likes of CLVS, BLUE, ONCE and RDUS all lower by double digits. CELG which we profiled in last Fridays Game Plan, with a benefit of the doubt long play with a tight stop and then short, lost more than 5% but did manage to bounce off the round par figure. Below is how we presented the idea in our daily Game Plan. It is hard to believe but the name is now 27% off recent 52 week highs. On the energy front there were some spectacular losses with FCX coming to mind as it slipped up more than 20% Monday. The stock is now down more than 80% and Icahn has to be down more than 50% now as I believe he entered around the $10 mark. Margin calls for Carl?

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