The First Downtick Since the Age of Pericles

Dow: -183.12…
Nasdaq: -60.62… S&P: -18.73…

The indexes were rejected at the top of the channel today which isn’t surprising. It means nothing because the bulls could be right back at it tomorrow, but it was a level where things could get turned back.

Tech was weak, so were semis and software. Biotech (XBI) took a rest, pulled back 1.5%, and settled the day right on its 21-day moving average support.

Gold and silver added more gains as the dollar continued its free fall.

The VIX popped 10% but financials were only about flat.

Today may have just been a little hiccup and the bulls still have the baton, but I don’t think it’s a bad idea to nibble a short or two, and at the very least raise stops.