Industrials today slipped with the likes of CAT falling 3.54% AA down 2.58% UTX also down 2.00%.
Sears Holdings was the largest decliner on the S&P falling 6.35%. Copper producer FCX Freeport-McMoRan was down 4.03%.
IPO’s surged today with Annie’s (a California organic Mac’n Cheese company) popped over 75% and Vocera Communications spiked over 40%.
It looks as though the mandate in the Obamacare law won’t pass – but some eliminates may remain.
With heavy correlation in the markets today Gold also saw a selloff falling down to $1,660.30. Almost all commodities ended lower today from oil to soybeans.
Asian and European markets also both ended down today.
Even though the market has been drifting up since February we are in a correction mode until June when we should see the next rally take off. Sometime in the next few weeks we should see a few big down days so that the markets can re-correct in price evaluations.