Today's selloff is following the pattern of most in the past few weeks, with the small caps (IWM -1.9%) and tech (QQQ -1.5%) leading the way. Pacing declines in the Nasdaq are a 8.8% dive in Amazon post-earnings and a 4.6% fall in Facebook. Setting tongues wagging in FB - but hardly a huge deal - is the sale of another 283K shares by Sheryl Sandberg, bringing her holdings down to 8.7M shares.
The liquidation in biotech has previously been a convenient excuse for small cap selloffs, but the IBB is off just 1.4% today, outperforming the Russell 2000.
What's working? Utilities again. The XLU +0.8% today and +13% this year, outperforming the Russell 2000 by about 1.6K basis points.