PAYBACK IS A ......

IMHO there is enough evidence mounting that the initial leg up from March 2009 lows has ended, and the correction phase of that leg has begun, SO I will be more interested in extent of decline and less about any move above recent highs.

I had touched on the reasons the near term highs was an area to look for stiff Resistance, including FIB retrace of .618, downtrend lines etc.

I could add that within days of the recent highs, 90% down day was registered, now we have had 3 plus an 88% down volume day since then.....even though advance decline lines were also making new highs then, THE TOP of move though not highest probability may also have been registered.

Clues will come in VIX trend, we are monitoring, and a possible BEARISH MA crossover...(yet to come)....less concerned about top calling then to clue into a change of sentiment in the wind, riots and killings in Greece, all is not well.

Companies selling off with earnings beats, getting GORED with earnings misses. JIGGY NAZ leading way down along with Transports largest % losers.

In BULL MKTS you do best to stay the course and hold through tough cvorrections, as higher prices are coming, if this has been a BEAR MKT RALLY, more pain than expected could arise.

If all we had to do is dump truckloads of printed paper onto the problem, we would never see malinvestments corrected....insiders never want to see payback...those bitches.

D