technicals hammered

Several weeks ago I posted about the significant disparity between the price of nat gas and oil in the USA. At the time gas was hitting new long term lows of around $3.90 and oil was heading into the high $80's. U typically get this type of "disfunctional" trading at market turns. My point was that oil was overpriced and it has pulled back into the mid $70's. Same can be said for the A$ as it also got hammered when the long awaited correction in the DOW took place and hot money fled to safety in the US$.

The technical breakdown in AZZ is not yet technically signalling a further break-down BUT it is indicating that lots of players are pulling their chips off the table and waiting. There are several gaps that have formed to the downside over the last few days and this pattern has repeated across the market. Theses are dangerous times.