With Goldman Sachs on the Hill and Portugal in the limelight, the market got its pre-Fed reason to sell overbought conditions. Will we get a Fed-day reversal tomorrow? That would be the recent norm, but that question will loom for the day with internals as negative as they are even as price attempts to stabilize right here just below the SPY's twenty day moving average. Look at that VIX go -- plus 20%! The leading sector groups that I track are nearly fully correlated today, no all clear until that disperses.
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