• NYSE TICK average is negative - sell-off will likely continue the rest of the day.
• Break of month-long trendline from the July lows.  Recent days have seen lower lows.
• For the last few weeks, the market has been in a pattern of 2-3 down days, big up day.  What will tomorrow bring?
• I’ve personally observed this and heard it expressed from other traders — patterns lately aren’t following through — therefore, I am opting to do less trading.  This is due to homo August trade.
• Baidu.com, Inc. (ADR) [[bidu]] and Research In Motion Limited (USA) [[rimm]] still hanging in there
• below the 50-day on the S&P.
• UYG holds support above $18.70, lowest low since 7/18/2008

Takeaways: This is short term no-mans-land.  We may break to the downside, or bounce gaily tomorrow.  I haven’t given up on the bulls, but the rally has clearly lost some or all of its luster.  Note that the iBC Mâ„¢ made this point clear.

Gio made some EXCELLENT points about the relationships or lack thereof in the markets lately.  A+ on that article broseph.

Doing preliminary iBC Machine™ scans, today will likely tip the short-term 5 day reading negative.  This one always turns first, but I use confirmation from the 10-day reading and it is still just hanging on to its bullish reading.

I added some short exposure today, but not much, because trends aren’t following though.  You’d expect strength to beget more strength and weakness more weakness, but as I said, lately I’ve observed little follow through, so I’ve been playing it light.