Today was Ugly

The market was up nicely at 3:15 this afternoon, but dropped suddenly when an analyst downgraded Wells Fargo

The reversal came on higher volume (not good) and added another distribution day to the market's count (also not good). Also, note the nasty reversal in the VIX today. It was below 20 for the first time since August of 2008 this morning. It began moving up slightly even before the sell off began this afternoon and closed a little over 22.

We sold Research in Motion and some of our small biotech stocks today. We will consider more selling tomorrow if the market does not recover properly from today's action.