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.
First quarter:
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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