The Nasdaq hit a bit of an air pocket today after it slipped under 2,153. For the moment at least, the bears have succeeded in taking control of the market. The action of the last three days created an evening star on the Nasdaq’s chart. That’s a pattern that’s not to be taken lightly. One of the things I love about evening (and morning) stars is that you can see power switching from bulls to bears. I won’t say that I’m an all-out bear right now but I’m certainly getting more cautious and looking harder for some more shorts. I’m also not sure how much of this to chalk up to the standard options expiration games. As always, time will tell.
I’ll keep it short tonight as I’m off to see one of my all-time favorite Emcee’s, Mos Def, in concert. If you don’t see a watchlist tomorrow morning it’s because I’m still at the after-party. 
