Nasty Snapper

A nasty snapper took hold this afternoon after we saw some panic buying.

Some have suggested that new all time highs in oil and comments from SanDisk scared the herd, but it doesn't take much for the market to pull back given the extreme overbought levels we were at earlier today.

Tomorrow morning we get another "better than expected" PPI inflation report and we'll see if the bears can knock them down again tomorrow. We haven't seen two negative back-to-back days since late April if you can believe that. In my opinion, anything less than a break below the 1400 to 1420 support area is just garden variety consolidation.