A Less Generous Tape

With small caps losing $122.60 this morning, whose ETF is seen below on the 30-minute timeframe, I tightened up my portfolio even further inside Market Chess Subscription Services. 

To my eye, that $122.60 area marks a dividing line of sorts between whether yesterday's upside reversal marks the usual "V-bottom" signal, or instead is a trap to lure in eager dip-buyers before we continue to slide. To be sure, the action in China is not helping the bulls' cause this time. 

But, China and Greece aside, the tape here in the U.S. seems to be less generous to bulls of late than what they have been accustomed to throughout this bull market. 

Even if, for example, China names like BABA BIDU have stopped going materially down for now, they could easily slosh sideways or slightly lower as they are this morning. In other ways, they are not necessarily high probability longs. Too, even a leader like NFLX is showing some minor cracks. 

Overall, the leaders are churning a bit up here while the laggards are still far from healed. Discretion is, indeed, the better part of valor, when it comes to protecting portfolio capital.