We came into today with 7 distribution days on the Nasdaq and 5 on the S&P 500. Today, we will add one distribution day to each as volume on the New York is up 40% and Nasdaq up 20%. All of the leaders are getting hit; some of which are down large percentages. We were continually weakening throughout the day and then the unfortunate occurrence in Boston accelerated the downside momentum. This is not a market we want to participate in.

Best Returns,

Scott O'Neil

President, MarketSmith Incorporated

 Follow Scott O'Neil at Twitter.com/WScottOneil