Traders managed to lead the sell off in spite of the optimism brought about by the rise in M&A activities. This could be due to the weaker sentiment regarding the housing sales figure that will be released tomorrow.
Traders are pricing in for the worst case scenario, hoping to cash in should this scenario proves correct. The current estimates are 335k new home sales and 4.7mln existing home sales.
Financials and Cyclicals are weak due to the realty that the housing market is experiencing a double dip.
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