Technical Picture - Reverse of Yesterday

Both the NASDAQ and the S&P bounced off of their 20-day SMA and formed offsetting type bars. However, the NASDAQ volume was noticeably less than yesterday's strong distribution day. The McClellan summations are still trending up but with less slope.

The US dollar formed an inside bar. Overall, gold is moving sideways to consolidate the recent down thrust that carried it decisively below both the 20-day and 50-day SMA.

Good places to be today were pretty much the reverse of yesterday - long financials, short inverse ETFs (yes, you can short inverse funds), and short gold. There is never a secure (I mean dull) moment in the market.

The offsetting/reversing action in the financials was impressive and on higher volume than yesterday's break.