Crack.....

The "recovery" from last week's selloff lasted all of one day - - specifically, last Friday. And it could hardly be called a rally. The selling simply abated for a few hours.

The selling has resumed, and chart after chart looks like the one below (which is the symbol IWM), with major ascending trendlines being shattered to the downside:



I've highlighted the point where today's prices punched through the trendline as well as when this last took place in late March of this year. You can see what happened next.

I am short quite a few stocks right now, besides being short the market in general; specifically:

AH
BA
BMHC
BOOM
CMTL
DIA
DNA
FD
GOOG
HANS
HSY
LGF
MAR
PETM
RL
SUN
WCC

I see that Apple reported stellar earnings after hours today, and yet over $4 billion of its market cap has been taken away in after-hours trading. This is exactly the kind of event a bear wants to see: even good news takes the price down, indicating expectations are far too rosy.