Market Early Update

Yesterday the Q's were the weaker looking of the major averages, this morning that is apparent. I keep wondering about accumulation yesterday, like I said it wasn't huge, but it was there.

 The DIA with a relative negative divergence on the open, and a positive divergence at this a.m.'s lows.

The SPY with a negative divergence on the open.

 The Q's with the worst open and a negative divergence very similar to GOOG's late day, also negative on the open.

Why is the NASDAQ underperforming so badly?
Both AAPL and GOOG are components, take a look at their charts.

 AAPL with a gap up and a negative divergence at the open (distributing the gap)

And of course GOOG has been hammered.

So, all things considered, I'd say the CPI numbers were leaked. It's not anything rare, despite what the mainstream thinks, we saw Bernanke leak an employment report just a few weeks ago. This is the advantage to seeing the underlying action. GOOG at the close was a great example, most technician would have bought that ramp up thinking GOOG was leaked to be positive, I've seen this many times before and it almost always ended the same, a lot of people were left holding the bag and in GOOG's case, that's a heavy bag to be holding if you went long on the ramp yesterday EOD as GOOG is down 37 points or 6.5%

I didn't choose the name Wolf on Wall Street because it sounded cool, you're either a wolf or a sheep.