Another big gap down on the open, that's two in a row. This one due in large part to MSFT. Because of the size of its market cap, it weighs heavily on the Nasdaq. You may have wondered why the Nasdaq was showing a loss of almost 25 points on the open, but many of your watchlist stocks were in the green. So for the day, we carved out a doji with a long upper shadow. The Nasdaq shed 22 points on high volume. The worst performing sector was software. The damage to other weak sectors was relatively contained. The biggest loser in the NDX was MSFT with a loss of 11.4% on total volume of 0.6 billion shares. That's about 23% of the total Nasdaq volume for the day. I heard on CNBC tonight that MSFT closed at a 6 year low today. A quick look at the weekly chart, shows that it didn't even take out last year's low. I guess the person who put that segment together doesn't know how to read a stock chart. Looking at the $NAMO above, we are neutral with respect to overbought/oversold.
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