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The NASDAQ composite in six trading days closed down nearly 10%. This was accompanied by smaller sympathetic declines in the Dow, S&P and Russell 2000.
I have a very tough time calling last week's reversal either stunning or surprising as it pertains to the runaway train market in the NASDAQ and the particular route known as the FAANG line. I mean before the decline that began September 3, most anyone with any market savvy would have given the opinion that this group was at least way overextended and in some cases