The selling this week is being attributed by the pundits to ‘tax selling.’
I won’t debate that, but I will say that if the selling continues next week it probably is not tax related, but related to overly high valuations and a thorough wash and rinse.Â
The momentum stocks in tech continued to lead the way down, with J.P.Morgan Chase (JPM) contributing something to the Dow Industrials (what an abomination to include JP Mprgan in the Dow Industrials) with its miss in the quarterly numbers this morning.
Unemployment claims came in low, but PPI came in a bit hot. But the selling looks more like a game of trader tag more than any reflection of fundamentals getting better or worse.
I own *no* stocks here, but I was giving it some serious thought today, miners-wise. But I decided to wait for next week.
Have a pleasant evening.
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