FLT has been leading in this market since before the November 2012 correction.  It gave us a number of places to enter as it rallied five times from the rising 10 week line, since the August 2012 breakout. 

Now it gives us "Greatest one-day price drop since the November rally. This is an O'Neil sell signal as described on page 269 of "How to Make Money in Stocks".  It tells me the selling that we are seeing may be substantial enough to begin a multi month correction.

After two years of running up from the October 2011 low, and four and a half years since the last big "rally initiation year" 2009, the tradeable rallies that show up in the next few months may be very short lived.

The Nasdaq and the S&P 500 appear to be adding a distribution day today. This will almost certainly tip us into Market in Correction.