Obviously things were very ugly for the bulls today. The Nasdaq and Russell 2000 were down more than 2% and we had distribution days all over the place. Just like last month, the S&P’s new highs on low volume didn’t last and it’s slipped back into its trading range.
The Nasdaq continues to be the laggard and looks like it’s headed for tis 200-day moving average. Another day like today and it’ll be there…
Here’s the SOX, which has led the Nasdaq down. It’s been raining semiconductors for 4 days now…
And finally, even some of the commodity plays flashed bearish signs today. Many of these charts have gone parabolic and have a lot of air underneath them. Here’s a chart of Titanium Metals Corp (TIE):
