Perhaps it will be next week as earnings season heats up. Sure feels like it at the moment. For one thing, this market has been targeting yesterday's momentum favorites for especially heavy punishment. When positive momentum grips a stock, each high is succeeded by a higher high. Investors seeing a stock hit 150 buy, because they're convinced that the stock is headed to 200.
Any dip becomes a buying opportunity that leads to a new high.
When negative momentum grips a stock, each low is succeeded by a lower low. Investors seeing the stock hit 100 decide to sell because they're convinced the stock is headed to 50. Any rally becomes a selling opportunity that leads to a new low. You can see this negative momentum clearly at work in the chart of a stock like VerticalNet. The stock hit a high of nearly 139 at the close on March 9.