If investors were sitting on their hands the past few weeks waiting for a breakout and proceeded to attack yesterday, they were sadly trapped as those not sitting on their hands rightfully took their profits after being players for weeks.    Any other day, we'd consider such a reversal with a negative tone, but with the market really having no economic, no bad news yesterday..we simply look at it as a technical selling reversal.  The eco data was actually a pleasant surprise with the CPI coming in below consensus and putting a hush of sorts on the word recession.  The report coincides with the FED's eyes that there should be moderation in inflation coming,  but at this point during the uptrend in the markets you realize the market was expecting this sooner or later.     In Tuesday's Journal,  we noted we'd like to see volume to create a significant breakout and clearly we weren't getting that or the DJIA/SPX confirming the move in the NASD.     This was enough for the NASD giants..GOOG, RIMM, BIDU, AAPL say we can't lead anymore and their holders said screw this for today and created a spiral of selling interest that gained speed across the market indices, including the $CRX which was also breaking out.   The failure of the $CRX to hold or continue started to make the commodity plays we follow look toppy. 

The perfect storm scenario of breakouts everywhere was halted for the day, but what may have arrived is a reason to start buying the pullback at some point before we close off the week.    We don't think this pullback made the Bears overly excited, but we may give them some hope if we break Tuesday lows.   That's still about 120 and 25 points off on the DJIA/NASD respectively.  Simply, we don't wanna go there and without bad news it may be hard to reach this week.    At this point, we'd be looking at this as an opportunity to buy the dip in the next few days as many good plays started to look attractive again, this is especially true on any further downticks that look to be nothing more than some follow through action from Wednesday.