Distribution, that’s institutional grade selling evident by a down day on the indexes with higher volume than the previous day, closed out a session marked by a key Fed announcement.

It would appear the markets don’t like the Fed’s new plan of lowering rates on long-term bonds while keeping shorter term rates the same.

But it should be noted that true direction from Fed announcements shouldn’t be discerned until the following day.

We take today’s heavy selling as a negative, yet won’t consider altering our bias until we get further confirmation that institutions may be preparing for lower prices.