Today's post will be brief and graphless since I've only about 30 minutes to piece it together. Besides, nothing in the outlook has changed. The S&P 500 closed lower, keeping the bear case alive, and oil broke sharply lower, betraying its intentions. I thought both may actually close significantly lower on the day, but it seems nummy had it right in the comments... the big fellas managed another bullish swipe of the paint brush into the EOQ.
Speaking of oil, energy ETFs broke lower out of their low-volume consolidations. There are some strong headwinds against crude, and I expect an accelerated breakdown. A back-test of the mid-point consolidation in the low $50s is a reasonable expectation. Likewise, miners and precious metals also broke lower today. The metals didn't get pegged quite hard enough to qualify for the panic day I'm hunting, but the action indicates such a day could be upon us presently.
Well, that's it for tonight. Let's see how the new quarter opens. In the meantime, if you're looking for something to do this evening, open up your favorite charting web site and scroll through some international indexes. Just about every stock market in the world except China looks to be sporting bear flags.
Have a good evening.