The way Steve and I described the recent market action from late last week into today was like doing electrical work and getting the wires backwards - like for the Nasdaq the NAMO - you only see it close below its lower bands 3 times in a row after a correction, not a new highs. It was screaming negative breadth - not healthy - then today we saw a push in the morning and big intra day reversal.

intra day as I said earlier I can count a zig zag decline today,  the bullish view short term would be an abc - as I stated below, maybe be bounce tomorrow, and futures are actually up some tonight despite the horrible close on the cash indexes. I lean tomorrow to be a bounce day - but these breadth issues and other things really concern me - maybe we get some sort of correction after this week say the first couple weeks in Dec can be weak sometimes historically. Longer term these are larger issues that need to be resolved. I discuss this in the weekend letter. 

coming into today in the bad of my mind everyone thinks that this week is always an up week, you know when everyone expects something, maybe it doesn't happen that way. 

I think if we chop around the next couple days, then next week could be interesting