Friday morning we witnessed the hangover from the Dubai scare for markets around the world. In fact there was an indiscriminate sell-off and all 500 of the stocks in the S&P 500 index are down in early trading.

Markets close early in the U.S. and many traders have been said to have taken the day off. Yet, volume is already much higher than each of the days over the last few weeks. Once again, seeing high volume on “down” days and lower volume on the “up” days. That has been a signal for caution…

Click chart to enlarge

___

Disclosure: Horowitz & Company clients may hold positions of securities mentioned as of the date published.