RED?

I get back from a little road trip and low and behold the Semis are red, the QQQQ is barely green and much of the morning gains are gone. Whose idea was it to sell the morning strength and are we now setting up for the double bottom?

The market internals appear to have made a round trip as they are now 800 to the green way down from the morning rip. I thought it odd this morning that GS wasn't participating and I decided so sit on my hands and wait it out.

The bottom line is todays rally is none too impressive and many folks who jumped in this morning are having second thoughts. I think this trade was the easy one that didn't work and now the question is what next. I note the Volatility Indexes are all back down 10% or so and they are slowly but surely working off their overbought scenario.

I am going to continue to sit on my hands and all those chattering about looking for new leadership, well its not coming from tech its coming Gold/Commodities/Oil. That also is not going to make a lot of folks happy. Then again the markets rarely make everyone happy at once.