I warned about divergence between index and oscillator few posts ago. It means that there was a possibility of index declining. We see that today:
So we see a natural process of correction.
A market is worrying about financial sector. And about CIT Group especially. A company says it has filed for bankruptcy protection as part of a reorganization plan. I can see that in the price chart without any information: CIT have fall in troubles so far.
Some prices is falling down, some prices is going up. I think you must go on the same direction.
Disclosure: No CIT, no CPN, no BWS, no VOD, no USB, no TEX, no MAT at my portfolio.
The charts and comments are only the author’s view of market and aren’t recommendations to buy or sell any security.