Tuesday was another 90% down volume day, making 3 since stocks made their rally highs. These 90% aggressive selling days coming so close to a market high suggest at MINIMUM a ST top may be in place, certainly for any rally resistance levels and the long awaited correction is here.We have not seen selling like this since 2008 in the thick of the 2007-2009 Bear Market. To have selling like this in a BULL MKT is highly unusual. Investors vote with their feet, is why I watch the trend of the VIX for CLUES.
It is typical after one of these intense selling days for the market to embark on a week long rally attempt, when it cannot muster much that is basically telling us prices have not retreated enough to entice bargain hunters.
My charts have been right on the money. Later today I will update CHINESE MKT, I had showed wedge formation and last night it continued to break down, even more aggresively. CHinese stocks had topped back in AUGUST of 2009 ! It was said China led the "REFLATION" attempts and fueled world demad for things, commodities.....so a berakdown in their markets is of concern to me.
AM labor data today.
D
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