Futures only down a wee bit but lots of jello moving on the plate.

Yesterday, NASDAQ up 60, finishes down. Need we say more…just more distribution. Again, does not have to mean the end of the world, Just recognize things have changed in that space. This includes semis/tech/internet and all that stuff. Seeing some pretty good looking tops…for now. Remember what we said. The SOX on 11/29 looks like June 9th. At that time, it took 3 months to get going again. But this time it is farther along. Time will tell…pay attention.

Also of note:

HANG SENG whacked over night giving back all gains from past months. The Japan Nikkei also looks toppy in here.

As far as the areas jammed to the upside recently like TRANSPORTS, RETAIL, FINANCIALS…watching how and where they pull back to as all broke out on volume.

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