VOODOO

So far the witchcraft of technical analysis looks to be right on the money as the major market indexes get repelled at the SPX 50 day SMA. Checking the numbers, its all pretty ugly as the oil patch gets crushed, Semis get back to their 52 week lows, biotechs and small caps lag along with tech and the Naz.

Market internals are bearish with 2,350 more stocks red than green and check the VIX and VXN for more bear news as they have hardly flinched in the wake of todays setback.

The worst sectors today remain homies, oils, semis, airlines and cyclicals with drugs and consumers the winners; and with this being the recent norm is a recession or a slowdown far fetched?

On a final note, why does Revshark buy every dip in the SOX/SMH group thinking the down turn is over. I think the Elder trading rule is short stocks in downtrends on pullups and buy stocks in uptrends on pullbacks.