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Tuesday probably marked a top of some sort in the markets. If not an intermediate-term top, then a near term top. Expect to see some selling pressure over the next couple of weeks. Yet, if the market does grind higher, it will be on extraordinarily weak volume as all buying interest has completely dried up and will lead to an almost certain big sell-off in January.

Thus, if we don't see a steep sell-off over the coming weeks, expect a major May-type sell-off in January. Right now it's simply not safe to be in the markets. I think Apple (NASDAQ:AAPL) has put in its top for the year and it will likely see major selling pressure in January. Tread carefully here as we're at bearish extremes not seen since the top in April. This, coupled with the fact that buying interest has completely dried up sets the market up for a major sell-off any day now.

Disclosure: Short the QQQQ.

Source: FOMC Day: Near Term Top Is Likely In