Transports look weak, FedEx is a big component of IYT so it may just be an earnings thing.... FedEx gets dumped pre-earnings because everyone anticipates crappy earnings. Looks like it could have another leg down with a reversal next week on earning. If FedEx surprises then we'll see a big rally.
Dumped most of my stocks this morning, was hoping for a bigger gap. No compelling reason to go long until tomorrow afternoon or later this week. There's probably an opportunity to do a 1 - 2 day short, AMZN has already rolled over.
@LoLBeach, we both knew the market was going to gap up and doji today. I also mentioned yesterday that FedEx is reporting next week, and they tank before earnings.
We'll be able to gauge the strength of the market by where it finishes tomorrow. No reason to have a position when you don;t know where it's going.