Wednesday morning’s slide was fast and furious, but by the close the major indices (except for the Russell) were green, which earned the bulls the right to a hearty sigh of relief. Under the surface, however, the damage was more extensive than what price would lead you to believe (as if that’s a surprise), with a 9% increase in overall volume and the first across-the-board distribution day we’ve had since the end of June. On Wall Street, the news is almost always sold and while Apple earnings and Dow 22k dominated the headlines, another milestone (which went mostly unnoticed on Tuesday), NYSE 12k, added to make it a triple whammy. IO has entered into OVERSOLD territory and our GI has shifted to “BUY” mode, but while HG is SWELTERING there may be one more chance for the bears to shake the tree before the jobs report on Friday. -MD
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