I mentioned yesterday that I didn’t like the volume action on the S&P 500. It was up on lighter volume than the previous down day. Well the volume action today was even worse across all the major indices. Each of them had a distribution day today. There’s still not much reason to be overly concerned about any coming dips, but today’s increased volume should be noted. Investor’s Business Daily always warns when there are a couple of distribution days within a week or two, so that bears watching. It’s probably best to me, with my time-frame, to stand aside for a few days and let the market work off this extended condition.
