It started out as a quiet day for the market, but turned into a harsh pullback in the afternoon. It appears that today will count as a distribution day for the three major indexes, as all of them sold off on slightly heavier volume than yesterday.

The indexes are consolidating now, and should soon make a move.

Gold moved early in the day as expected, and RGLD triggered and moved over 2% before reversing hard, and closing down for the day. I held on too long and got stopped out for a loss.

The dollar had a very rough day and it looks like it could be in trouble for a while longer. As can be seen in this chart of UUP, it closed below its 50-Day SMA.

The stocks that were on my short list are now technically damaged, but there are some stocks that appear to be setting up, but are not quite ready.

Trade Ideas for 12/12/09:

None

Good luck and good trading!