The S&P futures are dropping sharply this fine evening to the tune of -17.00. I noted on Friday's video on the Hot Charts and Alerts, the markets were back below the BLUE Master Trendline as well as the daily chart was extremely bearish, even though partially due to the dividend payment. The charts tell the truth.
In addition, I have been saying for some time, with every analyst calling for all time highs, it was likely we have one pullback prior, then one final move sharply higher. It never quite goes how the masses are saying it will go. If it did, every average investor would make money and we know that does not happen. We will see if the selling continues into tomorrow.
I continue to hold shorts on OXY, EMC, IBM and a long on SDS (2x short SPY).
See you all at the No Hype Live Broadcast at 9PM ET.