Momentum names like LinkedIn and Facebook are seeing some selling and weighing down the NASDAQ and the Biotech group is also down 1.6%. Mark Newton, Chief Technician at Greywolf Execution points out the Russell Index is breaking down as well as investors run from small cap names. He notes that so far the Dow Jones index and the S&P 500 haven't followed the Russell. Meanwhile, traders are mostly ignoring Federal Reserve Chair Janet Yellen's testimony.

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