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Post Market Analysis, Thursday December 3: Late Day Sell Off

|Includes: DIA, SPDR Gold Trust ETF (GLD), IWM, QQQ, SPY, UUP, XLF

 Stocks sold off late in the session on some negative comments from President Obama about economic recover and the unemployment rate. He is right, but I am not going into that here. The S&P 500 (NYSEARCA:SPY) finished down .78%. The Dow Jones Industrial Average (NYSEARCA:DIA) closed down .85%. The Russell 2000 (NYSEARCA:IWM) and Financials (NYSEARCA:XLF) showed relative weakness today finishing down 1.22% and 2.05% respectively. The Nasdaq (QQQQ) showed relative strength today, down .41%. The VIX spiked up 6.34%. The TICK and TRIN both corroborated the bearish move today. The dollar (NYSEARCA:UUP) finished up .05% and gold (NYSEARCA:GLD) closed down .4%.

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On the daily chart of SPY we are still holding up in our high base range. Keep in mind that one day does not make a trend. If this is going to be the next down leg, we need to see more volume and continuation to the downside.

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