The general markets, precious metals ETFs gold GLD and silver SLV, all sold off on lower volume in Monday's trade. Market bellwether AAPL, on the other hand, continued lower on higher volume to move firmly under its 50-day moving average. Technically, AAPL is now violating its 50-day moving average, a typical sell-signal, and in fact yesterday's action constituted a gap-down through the neckline of a short head & shoulders top type of formation. AAPL has come under pressure due to its iPhone 5 as another strike commenced in China at iPhone supplier Foxconn. More broadly, some see the iPhone 5 as a sign that the company's products may not measure up to the standards of the Steve Jobs era.

In economic news, the World Bank cut its growth forecasts for the East Asia and Pacific region and warned that China's slowdown could be longer and worse than expected. The bank now sees China growing 7.7% in 2012, down from a prior forecast of 8.2%. Meanwhile the International Monetary Fund, known more commonly as the IMF, is lowering its global growth forecast as the global economy continues to slow.

With earnings season moving into full swing, it may have some short-term influence on market direction, resulting in added volatility. We continue to advise caution in this environment as the market moves in a mostly sideways consolidation as very few, if any, stocks have issued buy signals in recent days while some leaders have come under pressure.

As a courtesy, we have been providing our morning market commentary to all of those who have signed up for our free market reports. Beginning this week, however, only our Monday morning comments will be distributed on this basis, while Tuesday-Friday morning comments will resume their "members only" status and only be distributed to subscribers of www.virtueofselfishinvesting.com.