The quarter ended quietly, with many burned out from false rallies. The S&P 500 down 10 percent, the worst quarter since Q2 2003. While financials got the attention, there were plenty of other poor performers.
Tech down 15 percent
Telecom down 14 percent
Financials down 14 percent
Healthcare down 12 percent
Gold stocks were one of the few gainers, up 7.1 percent; though oil was up, most energy stocks were down.
The second quarter starts with the Street net short and large amounts of cash on the sideline; the hope for the bulls is that lower prices will begin attracting some of that cash.
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