In Today's Update:
1) Traders and Investors were running for the exits today as Technology shares plummeted and dragged the rest of the market down with them. The Dow Jones Industrial Average dropped 831.83 or 3.15%, the S&P 500 fell 94.66 or 3.29% while the Nasdaq 100 closed lower by 315.97 or 4.08% and the Russell 2000 finished lower by 46.45 or 2.86%.
2) Crude Oil Futures followed equities and tanked $2.13 or 2.84% while Gold Futures edged higher as the U.S. dollar weakened. The Bond market continued to trade lower and the yield on the 10-year treasury note is currently trading at 3.177%.
3) Was today's sell-off just a temporary setback or is this the beginning of a much bigger drop? I believe the answer is yes and yes. I think this will be a minor setback before the next bounce but I also think this will be Phase 1 of a much bigger sell-off.