A very odd day that looked bullish but the underpinning were clearly bearish. WMT, CSCO, MSFT, APPL and INTC basically held the markets in the green while rampant selling ensued elsewhere and across the board. Following yesterday's bearish comment on XLE, it proceeds to open and fall through a trap door pattern, although recovering somewhat in the late afternoon. BABA also got a solid whack on the head. dropping 3% and very heavy volume.
The close was especially exciting with UPRO actually running up into the green while XIV refused to relinquish it bearish character.
The SPY TrendX on the right side panel is looking more and more like a rollover setup and Friday, being a down day 70% of the time, may provide the juice for the next big move.
Caution is advised.
