Since Sept. 3 the market has been undergoing a rotational correction. Various sectors of the market have been correcting at different times while other areas have shown good relative strength.
This correction started with the big-cap technology names. The FATMAAN stocks had become grossly extended in a frenzy of buying caused in part by the stock splits of Apple (AAPL) and Tesla (TSLA) . It had become a very narrow market but, as is the tendency of the market beast, this excessive action was the target of some selling.
The Nasdaq 100 ETF (QQQ) has been dropping for nearly three weeks but what has been most interesting is that much of the market ignored what was happening in these leadership names. As I’ve been discussing for the past month, this has been a great market for stock-pickers primarily because the selling pressure was not correlated. The money coming out of