IBD noted this in an article from today's paper:
When leaders go beyond a normal correction into the ugly zone, any subsequent bounce is suspect.
It's enough to know that this is a tough market. Neither the indexes' performance year to date nor the Feb. 13 follow-through day has brought much to cheer.
The IBD 100 index was up 2.4% for the week, but it's down about 14% year to date.
While the Nasdaq, the S&P 500 and the Dow have managed to avoid undercutting their Jan. 22-23 lows, the IBD 100 made a fresh low in February.
A leading index that's leading downward and bruised leading stocks do not inspire confidence.
Their article focuses on different stocks, but the underlying story is the same. It's a really tough market right now.