Nasty Action

I think that is how we have to characterize it. But this is options expiration week, and you typically get at least one nasty decline during expiration weeks. Maybe today was that day.

The SPX declined -1.2% and the Nazz fell -1.4%. Volume levels rose today, so that makes for another distribution day. Volatility levels are starting to perk up, and the CBOE put/call ratio was above 1.0.

After the close, ANF reported weak results and is getting whacked, while HPQ and AMAT reported solid results.

Still keeping my powder dry.