Be Careful!

Yesterdays action added to our oversold reading on the daily CCT equaling the record low reading for 2010 which was back on 6/9. You should note that the next day following this low reading on 6/10 the market rallied 29 points with a lot of plus tick. The daily CCT now stands at -222 and we will have to see if it becomes more oversold in the coming days as the market might try to find a capitulation bottom for the intermediate term. Be careful today as the swings could be great, we got a sample of the whipsaws that this market can produce in yesterdays action. We will see if the manipulators (PPT) are in today to prop up this oversold market.