Major averages fell yesterday on mixed volume, marking the third distribution day in a row for the S&P 500. With the indexes down three days in a row a short-term bounce would not be surprising, but so far this morning futures are up only slightly. Oil bounced but the downtrend still seems intact while gold and silver continue to make higher highs, with gold hitting a high of $1262 an ounce. Meanwhile, Treasury yields continue lower. The global recovery seems more distant with each passing day spurring central banks to accelerate their money printing programs, and this appears evident in the prices of precious metals.
The Market Direction Model remains on a sell signal.
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