The IWM

 The IWM breaking the recent top

 Here's a closer look. Again, 1 p.m. is the key and that's when the Reuters article came out. As I try to remind people, 3C shows us what smart money is doing, but if you want the reason, you'll likely have to wait. Looking at the gaps in financial stocks, my best guess is that the margin hike in Italian bonds had nothing to do with the opening gaps down or very little. We are WAY behind the information curve and Mer-Kozy's plans to rid the EU of pigs is much further along then a recent idea mentioned yesterday, we see that with every follow up press release.  I would not be surprised at all if what we have been seeing in these VERY negative 3C readings for some time (and remember, the longer and deeper the divergence, the worse the eventual reversal will be as it signals more and more selling/short selling) the divestment of institutional money because of this fact. There is other evidence I will talk about tonight.

Here's the IWM's long term trend line broken