Sellputs'  Instablog

Todays trading action was in my mind a long awaited, mild confirmation of bears waking from slumber. A few things happend today which have not happend in the past selloffs during this two month rally. First there was a bit of squeezing into the close on friday, followed by a bottoming in the UUP. The key observation in regards to todays trading should be the gap held in the am, followed by sideways trading action in a mindly sloping downward trend. Second being the action in the last forty-five minutes of the trading day, ultimately resulting in a close on the days low. This provides strong evidence the bears have finally been able to keep the bulls in the pen. This is all signs equities are becoming weak again. If we can get UUP back up into its channel, the dollar will shore up its value, brining energy prices back down. Could we be in for a repeat of mid march? It is not a matter of if, but merely when.

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