Market update

As I said earlier, the market has reached the point where a pull back was imminent - since we were at the point of a previous high.  Either we will make a double top here or pull back and form a handle to the cup and handle formation.   China raised interest rates unexpectedly, which apparently was the excuse the sellers were looking for to seize control.  I just closed my HPQ options position (since it was profitable) to lock in gains.  But it is a pretty bad day for bulls.  I definitely think more selling is in the wings.  Normally you will see three down days when a pullback occurs (assuming its just a pullback).   Continue to monitor the situation closely and don't let all your profits evaporate.