Nothing Unusual So far

I don't see anything unusual from the overnight session. Nothing from Asia or Europe. Nothing from the various futures and commodities markets. The only things I note are these: a beautiful shooting star on the S&P daily chart. 5-wave declines across all US equity indices, and a 3-wave correction. We may have reached an important point here -- and it's important to let it play out. A few things do concern me about the action yesterday: the highs were made on a little more volume than I would have liked; we're close to the end of the year and thus are vulnerable to window dressing; I would've also liked more price destruction if yesterday was indeed a top of some significance. So I'm still positioned short here, but cautiously. There is plenty of room for the market to show its hand.