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The Momentrix View of the Market for Wednesday June 8, 2011-

|Includes: ProShares UltraShort Financials ETF (SKF)

 The S&P 500 finished lower for the sixth straight day today, another dismal showing for equity investors. The character of the market has changed since May 1, the “sell in May and go away” working perfectly this year. A sell-off of this duration is very rare in a bull market and much more common bear market action.

We see the probability of a bounce coming with every additional down day, very likely being a good opportunity for us to reduce our underperforming holdings. We could potentially get a more significant lift in prices if this string of days ends with a larger move or whoosh down, creating a little panic.

The sell-off in the financials seems to be discounting some very bad news and looks to be the worst sector in the market. We don’t see a resolution of this sell-off until there is better action in the financials.