Emerging markets, China, Oil are all in downtrends with today's prices. The NYSE is not holding on to yesterday's close which had strong buying power.
There are some quiet sellers in this market and I am ready to get ultra short. (Pending a strong close). Strong close will change a lot for me. I find we're at defining point. I am not one to say that the market is at a defining point, but based on friday's strong down move that was reversed and that a lack of holding on to yesterday's closing price level which had strong breadth, Im getting concerned.
Volatility is low and there is fuel in the tank for a nice correction, on the other hand if the market picks up here ends strong there is fuel in the tank for further rally it works both way. The implication here is the market has the ability to "move" swiftly in the short-term.
Will post charts soon.
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