Yesterday

Yesterday's market action is decidely negative.

That much might be obvious to all, but the more interesting question is whether yesterday's ugliness proves ephemeral, or instead ushers in an intermediate term change of trend. Unfortunately, and despite the likelihood of gap higher openings (typical market action) this morning, it will likely prove to be the latter case.

A lengthier post showing why risk increases for more than mere short term reversals (to down from up) should appear this weekend.
-- David M Gordon / The Deipnosophist