Seems we are at a bit of a turning point with bulls and bears trying to decide which way the broad market is headed. One thing I know is today's action was big and it hurt. So many outperformers such as Goldman Sachs and The New York Stock Exchange among others were faced with reality and pushed lower. The question now is where we are headed in the near future. Are managers going to take this dip and buy it up or are people going to continue the action today and take profits from the latest run up? One thing I have seen that is very prevalent on many of the charts that would lead me to look at the latter option is the prevalence of failed breakouts. It leads me to think that this market is actually relatively weak at this point and could have further downside from here. For some examples, look at AKAM, PKTR is threatening, and DJ has failed.
Anyway, I'm done for the day. I'll be back on here tomorrow.
CM
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