We saw a spirited rally this morning which once again failed to hold and markets continue to be quite vulnerable to further selling. Yesterday we observed that the best case scenario was the beginning of some stabilization, but with markets back to the edge of the cliff and below declining important moving averages, the risks still appear to be to the buyers.

By the way, the headline was written to get attention, I am told my headlines need to be sexier… Stay disciplined.

click chart to enlarge