Instead of the NASDAQ/NDX/RUSSELL leading like we have told you they have been leading, we now expect them to lag. This means that the DOW/S&P will actually hold up better.

We are not saying this just because of Facebook or Twitter. We are saying this because we are seeing a lot of growth names showing near-term tops while also seeing the RUSSELL fail to break out and now breaking the support/50 day moving average. We could also add in the strong reactions to Amazon and Google, only to see them sold into.

On the other end, we are seeing money flowing into low beta stuff like the financials and even food, drugs and beverages…which had been lagging forever.

We do not know how long this lasts but we are now entering August and September, not the most thrilling months of the year. We know there is a lot more names to report but we are seeing enough to tell us there is a decent chance we have started the changing of the guard.