It was a very challenging week for Mr. Market as all the major market indexes pulled back. All the major indexes closed below their 50 day moving averages with the exception of the Russell 2000 which managed to hang on.
The biotech etf (IBB) was the big culprit last week and weighed heavily in the Nasdaq. IBB surged 2.0% on Friday, but still ended the week lower by 5.2%.