The WSJ reports: "Here we go again now? U.S. stocks are gripped by a wave of selling pressure again, driving the blue-chip indexes down and testing technical support levels, and taking more than a pound of flesh out of the small-caps, especially the hot, momentum stocks and the biotech darling that were such a noisy part of the 2013 rally.
The question is whether this is just another garden variety dip, and one that should be bought, or something deeper and more disturbing. The reasons for thinking the latter are piling up: Earnings season is arriving, and it’s going to be weak; the Fed is tapering; and markets are starting to notice. Of course, reasons for selling have piled up before, only to get pushed aside as traders scrambled to buy every dip.
For all the noise and attention this selloff is getting, keep in mind: Stocks are coming off record highs, and long-term technical support levels remain intact. Could that change? Yeah, sure. But it hasn’t yet, so nobody’s panicking, for the simple reason that not panicking these past few years has been the more profitable move".
