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Leadership Acting Sluggish

|Includes: Apple Inc. (AAPL), BIDU
Earlier this week big name stocks like AAPL and BIDU took on heavy hits and experienced major distribution days.  When leadership is starting to take it on the chin in an overbought market you need to pay attention regardless of what your market bias is.

Currently all major indices are in up trends and we could potentially see buyers step it up here and a trend continuation.  However, yesterday the S&P failed to hold its break higher and experienced a distribution day.  Perhaps the data flow will provide an impetus for buyers to step back in today, but it looks to us as if this uptrend is ready to experience more correction.

In an uptrend, surprises can and usually do occur to the upside, but the way the market has been behaving this week, we will be hedging our long positions here.

Disclosure: No positions