Lot's of damage today

While todays move lower doesn't look too bad when you look at the indices and couple it with lower volume, there was a good bit of damage done under the hood. Look at market leaders like AAPL and GOOG. AAPL looks like it is being distributed and GOOG had a pretty sharp drop today. Also, small caps were hit pretty hard. I'm not sure if a top is in or not, but there are plenty of signs pointing to a top being near.


Here is a 60 minute chart of the Q's. It paused in the area of the triangle it broke out of and on the lower bollinger band. It may find some traction here the next couple of days, but if it fails here, then tech stocks may be in for a rough ride.

The past two weeks have been hard on me and I imagine on swing traders in general. Looking at the chart above, it makes sense as the indices can't get any traction going. Commodities aren't doing any better, jerking back and forth. I had my worst day in several months today coming close to the point where I need to shut down trading for the month. The next few days should be very enlightening.

Good Luck,


DT