What was that I said yesterday about relentless selling? This is why, when looking for a bottom, I'd rather have the market gap down than up. The gap up just invited any fast money types who bought yesterday to snatch the quick gain. The market it its high early in the session and just drifted sideways for most of the day. Sellers got emboldened towards the end of the day when it was clear that the market wasn't going to follow through to the upside. The result was new closing lows for the month. The S&P closed under its 200-day moving average after bouncing off of that line the previous two sessions.
T2108 finally slipped below 20. It's at 19.91 now. Now things should get really interesting...
