Despite record inflows of cash to equity funds the market is stuck in a recurring nightmare. All the fundamentals are great but the headline environment is like living in bad dream where you cannot wake up. The Dow is still suffering from tariff-itis but other sectors are now joining the losers list. This is the end of the quarter and portfolios do get restructured but the negative headline flow seems to be accelerating the desire to sell and retreat to the safety of bonds. The market is not used to constant verbal warfare from high ranking political figures. Add to that a $13 drop in Facebook, $35 drop in Google and $27 drop in Amazon and a tanking chip sector and it was an ugly day in the market.
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