I am looking for blowoff action in piggish stocks like the ones mentioned above (debt, industry news, deteriorating consumer credit), and today could well have been that action, but honestly, I don't think today's the day. Tighten stops in this area and batten the hatches for the start of a pre-pre-season football shakedown which I feel could bring selling back into the recent 9800 level over the next few months. Do not expect the take down to be as powerful as the recent counter-trend up move because institutional sellers will be looking to induce max pain in the dip buyers.
STI is a new recipient of my ire, and RCL remains a soft target, in my view.
