Special Mid-Day Update:
For those of you that are fans of IBD (investors.com) or our work on CANSLIM.net, this morning, all the major averages sliced below their recent lows which means the day count is reset and we are now looking for Day 1 of a new rally attempt to occur. At this point, the 200 DMA line (i.e. 40 week moving average) remains support for all the major averages. If that level is breached, on a closing basis, then odds favor lower prices will follow. Again, the tape remains inordinately weak and defense is king until a new follow-through day (FTD) emerges. Trade accordingly.