Market Wrap

Nasty day. The market basically reversed all of yesterday's gains, or close to it. Surprisingly, there were a lot of technology names that were still up on the day. Some notable winners included MNST, INFY, VRSN, and GRMN.

The one positive thing I can say about today's action was that the internals were not as bad as the indexes looked. The advance/decline line fell about half of what it gained yesterday, and the Hi/Lo Index (net new highs) barely fell.

That said, I think the S&P 500 needs to hold above its June lows at 1188. A close below those levels would indicate a deeper correction could be in the cards.

long GRMN, MNST