Charts speak more than words, so lets look at a few of them this morning.

Overall much has been thrown at equities here and they are just slowly moving lower, no crash.  This leads me to think we may have a little relief upside here soon for a few days.  But as always, we need confirmation first.

The S&P 500 in its bear flag…hard to see it fall out of there today but if and when it does we can evaluate better.

Consumer discretionary stocks look like all other S&P 500 cyclical sectors…bearish and ready to break lower…much like the SPX itself.  But here too, its a little  hard to see it happen today.

Oil has been a relative outperformer…that is somewhat positive for equities immediate term

Broker dealer stocks too, bear flag.

Where is some of the money going?  How about Wal-Mart (WMT).  Its parabolic and I am considering a pairs trade to short WMT and long SPY potentially later today





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