Lower

I'm sick and tired of you setting me up
Setting me up to knock, knock-a, knock-a me down
--Bruce Springsteen

We now know that dip buyers didn't materialize yesterday afternoon and markets tanked lower. US equity markets closed on their lows. Dow was down 531 on big volume. The SPX sank 65 pts to 1970. COMP off 171 (-3.5%).

We also got our first significant Dow Theory sell signal with both the industrials and trannies marking significant fresh lows.

Hard not to conjure visions of a serious dislocation ahead if bulls begin to eye the exit door and a stampede ensues.

position in SPX