Goldman Sachs responds:
1) Concerns about Chinese PMI and possible slowdown of Chinese economy;
2) Merrill note yesterday discussing possible slowdown in China;
3) Market selling things that worked in the past – Gold, NFLX, etc;
4) Ongoing corporate governance issues;
5) Quarter end might cause wholesale selling of anything Chinese due to uncertainty of “growth issue” in China.
6) Sector is broken and market is in attack mode. Desk has seen shorts being layed out.
Source: Business Insider