Wednesday, February 23, 2011


Real panic in the trannies today as the oil rally finally caused some real selling in the sector.  In fact we can't remember the last time we saw so much blood in this sector.    Support at 89 finally stemmed the bleeding.

This chart belongs front and center of your screens -- 89 now is big, symbolic level.  Don't underestimate the importance of the trannies for market health.