Not So Fast, My Friend

Stocks are pushing lower yet today, with apparently too much traders expecting the usual snapback rally which the market has generously conditioned them to expect in recent years. That generosity, however, may very well prove to be fool's gold, as I suspect plenty of those prior gains have already vanished, and will continue to do so at a rapid rate as it becomes more and more obvious that the sharp recovery theme is no longer the modus operandi of this market. 

At the moment, crude oil is trying to stem the tide of yesterday's sharp downside reversal after the inventory report. On the daily chart for the crude ETF, below, you can be sure buyers know the importance of defending against further follow-through below that highlighted triangle consolidation.

While that is playing out in the crude pit, gold looks to be regaining a safe haven status. On the private Twitter feed for Members, we are keeping a close eye on some precious miners at critical technical junctures, as well, on top of some prospective shorts in equities which may be setting up to follow the market lower.