Technical Picture - Break in Financials & Commodities

The financials were hit hard today and led a big down Monday on increasing volume in the NASDAQ and S&P. The S&P closed on its 20-day SMA. The McClellan summation index is flattening in both the NASDAQ and the S&P. A follow thru day tomorrow could turn the McClellan summations down.

The triangular consolidation in commodities (CRB) broke to the downside today. The US dollar is working higher. Gold reacted higher following last week's break down from a daily bear flag.

Some good places to be today were short financials, long the inverse ETFs (FAZ, SKF), and long gold.