Pretty substantial volumes on those techs, too. Looks precarious even though we're already off 20%+ on high-flyers (RIMM, GOOG, etc.). Tomorrow morn is critical.
We closed the S&P at what i consider to be the bottom of its 2007 channel. Any confirmed move below here (1439), so far as i'm concerned, and we are no longer in an up channel. We closed on a very weak note today. Tomorrow should be very interesting, whether we bounce, we pierce through or we sit still. But i have to believe, based on that incredibly weak close, that even if we don't continue lower tomorrow the correct call here is "TIMBER!".
Some sentiment indicators are still stubbornly bullish. Four horsemen (and baidu) finally got taken to the woodshed. There sure was a lot of bear blood taken on the way up though.
Well, nothing go down in a straight line, but with the big cloud of consumer spending slowdown hanging over, not worth the risk to go long at these levels.
If you are short, get out of dodge for a few days tommorrow morning. NQ is VERY close to one of those madness inspired ramps. It wont make much sense and nothing has changed but the game goes on.