Market Reverses Hard Mid Day

The market did a 180 degree turn mid day yesterday as bulls ran out of gas and shorts took the wheel. Bullish set ups from yesterday’s scans gave way to selling and today’s scans turned up a very bearish near term picture. The market is now undoubtedly heading back to August lows where we hope that it will find support. It is once again time to buckle up and get defensive as yesterday’s overall sell signal is one that should not be second guessed. Likewise, the gold and other metal sectors took a turn for the worse yesterday even as inflationary worries were reported. Add to that, even oil turned south yesterday. We may be in for a few days of wholesale selling.