Heavy, institutional grade selling hit the exchanges Friday, making the major indexes look a bit scared in their new high territory. One day means little. But traders take note, it’s these kind of high volume sell days at highs that are known to signify trend changes.
We’ve been in Buyer Caution mode, and we’ll stay that way until we see some more meaningful evidence to shift our sites further up, or back down. A pullback of some sort is more than likely here.