The Golden Rule

Bit of a push today with the last hour showing unusual strength and many issues closing on the high of the day. Volume was muted as usual but the nasty last 30 minute plunge that the longs have come to dread was no where in evidence today. After hours most of the majors were off .25% and although it may be hard to believe, a number of issues are hitting short term overhead resistance and displaying mildly overbought technicals.
Hey! nobody ever said trading was easy.
SPY, DIA, IWM and the Qs all showed the same pattern in the last 6 minutes. . big volume selling. Almost 15% of IWM's daily volume traded in the last 10 minutes, while 8% of the Qs daily volume traded in the last 10 minutes.
SMH was the clear star of the day on the Rotator, and this generally bodes well as a leading indicator for the Qs. The bad news...both SMH and the Qs have reached their January highs and while money flow is upslope on both issues, both are overextended relative to the rest of the markets.

On the currency front the Euro may finally be finding a base (emphasis on may) and the dollar got slapped in return. TLT has finally followed suit, showing some weakness while silver and gold reversed the negative mood discussed Monday. Silver has an interesting chart, having been stuck in a consolidation for mode the past few months. That blip up in May was actually a good thing, since it shows what's possible. It may not look that exciting but SLV's technicals are all positive and a return to May highs (19.40) would yield a 7% gain over yesterday's close.