No Upside Today

Another weak close, this time with the Nazz leading on the downside (-1.0%). I think the GOOG secondary may have weighed on things. Also, the spike in oil coincided fairly well with the late-day selling in the equity markets.

But volume ran lower than yesterday's levels, so it was not another distribution day. And the SPX was able to hold the key 1225 level. So I am not pulling in my horns yet. I still think there is more upside to come. Maybe it will take a few more days; maybe it won't surface until after options expiration; but it will come. At least...that's how I see it.

long GOOG