We did see some buying on weakness at the close yesterday. We really need to see a strong rally today in order to stave off further weakness. If we get another rally today and especially if it recovers 50% or more of yesterday’s loss then perhaps we will avoid more serious damage.

Here is another look at how precarious things are in two of our strongest indexes. I showed you this yesterday, but it worth another look. You can review yesterday’s comments by clicking here.

The US dollar is modestly higher today and the Peso is not really doing much of anything.

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