Watch lists are updated. Given what I wrote this morning I am wary that the market is starting to bake in the end of QE. The reversal yesterday seemed to be approximately timed with the BABA IPO. Using O'Neil methods we don't contemplate buying an IPO until at least 2 1/2 weeks after the IPO and then only if a tight base structure forms over that period. Otherwise we wait for a full 1st stage base to form. Look at GOOGL in 2004 for an example of a tight 3-week IPO base that was buyable as the price made a new high.

I agree with Jerry that the market would have probably already be in a bear market if it wasn't for QE. If the market really gains downward traction, will the FED reengage?