Well, despite some small glimmers of hope, namely relative strength in Semiconductors and a slam in oil and commodity plays, it was yet another terrible day for the markets as stocks were sold across the board. Breadth was over 3 1 negative in the NASDAQ and 4 1 negative in the NYSE.

The back to back sell offs have definitely taken their toll and needless to say we are very much looking forward to the weekend. We stayed nimble today, not doing anything grand, rather spending most of our time building our watch list and reviewing our positions. As we wrote throughout the day, we still believe this is some good ole fashion selling and not a foreshadowing of a terrible summer to come. If our rotation thesis is correct, this is definitely one way to see where the money will flow.

For the week the NASDAQ was off 4.2% while the Russell 2000 lost over 5%. It is never easy to go through corrections such as these but attempt to find some comfort in the fact that it isn't the first and wont be the last. What is important is where we go from here.

Rest up this weekend and well see you back here early Monday morning.

Have a good evening.

RevShark