It has been years since we saw such indiscriminate selling. These are the charts of 5 of the most important momentum leaders of this year (AAPL BIDU FSLR FWLT RIMM):
A couple of things to notice:
1. Even with all this selling, look how much they are up for the year!
2. It is going to take a long, long time to undo the damage of just these last 3 weeks of selling.
3. No real prediction other than when we see this kind of panic selling, usually it means we are at least close to a short term bottom. All we would be looking for at this point is a dead-cat bounce.
4. If you're a long-term investor just itching to pick up some beaten up names, our advice would be to start picking out some spots, but to not use much ammunition. These kind of down moves rarely end so quickly and we could be in for much more pain before this is over.
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