CRACKS IN THE ARMOUR?

Mortgage Rates Hit 10-Month High AP
Growth in Consumer Credit Slows in April AP
Stores Post Modest Sales Gains in May AP
10-Year Treasury Yield Passes 5 Percent AP

At some point the lemmings sit up and take notice, not one thing, not the CHinese stock swoon, not sub prime mess, not gassed out housing, not 15 Million Mexicans sneaking under the fence, not an idiot for President, not historic highs in energy prices, not ongoing mess in Iraq, not gay priests, not the thought of HIllary as President?

The 10 yr busting out over 5% has got someone nervous, and now is a great place to take profits perhaps thought some others.

Little guy already grumbling that the market hasn;t gone up every day let alone fell by 200 points.

We had close to 90% DOWNSIDE VOLUME TODAY!

UTILITY stocks battered and broken support (they fell ONE YEAR IN ADVANCE OF 2000 TOP), higher rates will do that. 500 is price I am looking at as must hold. Closed today at 517. 509 is 200 EMA. could bounce there. (very near a sell signal of 20 /50 EMA cross)

SELLERS were in control, volume high and buyers nowhere to be found cept for AAPL stock.

Retail sales in general are very quiet. GDP had near qtr of no growth, costs pressures are there, inflation pressures there, BONDS were NOT safe haven today.

Corrections are not unusual during bull markets, I think this is first big test in awhile.

D