Please read the annotations on the charts below. The only news I see to account for the sell-off is the lack of direct bidders in today's bond auction. I think it was 8.3% vs. an average of 17.9% The timing of the sell-off seems to be about the same time the auction results would have been released. Riddle me this, why were we seeing such an aggressive negative 3C divergence just around 11 a.m.? The market has it's secrets, but someone didn't like something quite a bit earlier then the sell-off as market makers were moving out and fast. Remember, I put up the 1 min 3C-that's the turf of market makers. They obviously were getting out before "something unfavorable" was released.

Again-watch your stops, whole numbers are an easy target-look at the volume-that's orders being hit.

It says 15, but this is a 10 min 3C chart, it gained zero ground with the big gap up, in fact it appears that institutional short selling was underway.

Here's the DIA 5 min-same deal, no support whatsoever.

As I said last night, we get these strange occurrences in 3C, but they clear up quickly and it seems like there's always some big, interesting surprise that throws them out of whack momentarily. Learning more every day.

I have to run to the bank and I'll be back soon so don't think I'm ignoring your emails.