Who Pulled the Rug Out?

Big reversal late in the day. This is why I always say that I don't like it when the markets rally early in the day. It leaves them too susceptible to profit taking. Today's selloff was fairly sharp. The SPX made a new yearly high, but then gave back roughly 10 points.

I think today's reversal could be significant enough that we don't see new highs again for a week. I still think that we get a year-end rally to new highs, but today does not appear to be the start of that rally.

At least...that's how I see it.

Have a great night--