It is called "flight to safety". Iffy stocks, and CEDC is an iffy stock, will get punished and will go down more than broad averages. Solid stocks will go up, and in a short term will outperform the broad averages.
This is why CEDC on a green day takes a beating, and this is why lately names like CSCO, AAPL and gold outperform.
This will too change, but for now bears are in full control of CEDC. This is not t say that we will not see a 5%-10% pop on CEDC now and again, but unless you have a stomach and the discipline to predict and profit from them, you will be better investing in CSCO, APPL and gold.
Actually many speculative stocks are having huge oversold bounces today:
KERX up 5.68% PRGN up 8.53% ASTM up 3.79%
HDY up 6.65% NMM was up about 14% (I believe) yesterday, and NM is now starting to move up (see those dividends) KOG up 4.91% GMR up 8.89% DCIX up 3.21% OSG up 2.23% TNP starting to move, tho has been weak (up 1.74%) and TNK showing some signs of life as well.
BCRX up 5.69%
(These prices will change by the time this is posted...tried to correct some, but moving too much....just examples that small caps CAN have nice percentage gains...even the most speculative...in an iffy market.)
Sometimes small caps dip before they rise on a day like this...or sometimes there is short covering.
I think the fact that there has been so much shorting here and so many fears re Europe...
may have affected some long shareholders, giving SOME SHORTS a chance to cover lower.
As I posted many times, in a market like this one, trade some, keep some IF desiring to hold some for a potential multibagger.