Market summary

As I mentioned yesterday that I am short term neutral to bearish I saw a confirmation today with huge reversals across the board in all sectors. We opened very strong and should have continued higher but the breakdown in morning was a bearish sign and then volume picked up. Finacials were lagging from start and that was not good sign, even good ones like GS reversed at open and that was the tell. I think we might see some more selling tomorrow and if this was the first higher high since march rally then we need to see a break of 88.15 on spy and that will confirm the trend change. But for now we are still in an uptrend and I would take this reversal as a retest of 88.15. Trade one day at a time and take what you get not what you want, thats my theory.
Sector wise again global growth stories energy/steel/materials led higher while reits and finacilas were lower. But even those leading sectors fomed a very bearish bar in closing and not a good sign for tomorrow. Look at Gold and Gold miners they are breaking out and may run quite a bit. I am long both Gold thru DGP and Miners thru GDX which I tweeted this morning. My last night charts which I eneterd acted nicely in morning but reversed with markets so I closed them with small profits. As always will try to post some charts by evening on twitter. Follow me on twitter at www.twitter.com/sidshar