Same Movie

Same movie yet again today.  A minor look down below yesterday's range lows at 7:30 gets bought for a spunky 10 point rally higher. Today's reversal pattern even featured lower momentum in TICK and sediment to boot as compared to yesterday.  Risk sectors leading, defensive sectors lagging.

Then, right on cue, the move up stalled right at the minor high of the overnight session and tanked back to lows.

Maybe I've not had enough vitamin C today, but sure seems like these patterns repeat.  And repeat.

I think that it's the longer term sellers taking control and playing chicken with the laggard morning buyers.  But, the flip side could argue that sellers are not firmly taking control of this thing and are due for a news squeeze.

I'm going out on a dangerous limb by saying that this market goes lower.  And if it bounces, it's going to fail.  There I said it, and will fess up if wrong.