Markets get smacked!

Today's sell off is very impressive and a lot more impressive than any past sell off because everything is down including Gold, Silver, and Oil.

Today's down move is attributable to 2 things: internal market weakness and extreme overbought conditions (I turned bearish on CRED and SSN recently due to their overbought nature and Oil's $110 resistance)

This does, however, present a buying opportunity as a lot of stocks are coming into major support and the SPY coming into a double-bottom/50-day moving average support. All but 1 leading indicator still points down.

I am long: XING, SCCO, VALE