Hectic day today with the algoritm changing course. The green bullish signal in the left margin started to become a mainstay around here so it is different to now see the red bearish signal displayed for the broad markets moving forward. We will have to see how the markets react over the next 24 hours, however.
The market theatrics will continue for the remainder of the week especially with the Greece drama ramping up each hour moving forward. Not to be repetitive, but the key to the bearish move was the drop in semiconductors yesterday, then the drop in copper today. AAPL will continue to greatly impact the markets but its move lower is relatively muted today lagging the broad markets. The Nasdaq is down 1.65% while the SPX is down 1.76%, thus, tech is coincidental with the down move today not leading. This is why the markets are meandering along the lows of the day. Should AAPL roll over further, the broad markets should move much lower. Note that the markets are down large today as is verified by Keystone's SPX:VIX ratio dropping under 68 at this morning's open. The SPX:VIX is now printing a 63 handle placing a smile on bears faces. Watch JJC 48.40. JJC now lost the 48 handle printing 47.97 currently making the bear smile grow larger.
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