AFTERNOON ACTION

Markets continue to trade lower but pivot trades on the DJIA Futures have been fruitful. The dip to the 12,425 area, a bit above the 2nd level of support was buyable for a quick trade back to the 12,455 level, or just under initial support.

Not too confident that it will work for a third time as we may end at/near the lows of the day.

As far as sectors, the metals, retail, and airlines are higher while gaming, brokers, homies, biotech and financials are acting worst.

Market internals are skewed to the downside with red 940 on NYSE and red 470 on the NAZ. I suspect the 10 year Bond falling off a cliff today and yielding 4.62% is skewing the NYSE internals so I am focusing on the NAZ for direction hints.

GOOG AAPL GS are all lower although well off their morning lows as I suspect we get one more rush to the 12,460 level before the day is over and then close lower.