The Nasdaq has backed away from resistance at 2214 and is showing little sign of direction. The chart shows a ascending wedge, which is a bearish formation. As volume falls off, we could get a sharp break lower on high volume. The immediate cause of the drop on Tuesday was a mini-Dubai scare as Dubai banks reported losses. Bad news from Greek banks pummeled international and emerging markets. 

The only ETF’s moving up today are UNG, FXY, UUP, ITF, TLT, PFF, IHF, and JRS.  Real estate is weathering this pullback well and could be a buy candidate on a rebound. GLD is off 2.2% on the day at this time. Watch your stops.

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