BigTrends

As I blogged here on Friday, a bit of 'payback to the bulls' was expected.  Notable was the bloated McClellan Oscillator and weaker volume coming in as the market rallied.  The timing is not always perfect, but in this case it worked out.  I suspect more weakness could come into play here as the ultras define the rest of the day (shorts).  Oil is really getting drilled here and the dollar strength puts a cap on commodities.  Banks are also weak, but after last week's drive it's expected.  We'll have to assess over the next few days whether the next cycle is down.