SOX is leading the market lower

The markets are being led lower, not by the large cap stocks but by the small cap stocks. Check out SMH (semiconductor index), the Russell index, and the Nasdaq. These are the stocks that are leading the markets lower. This was noted earlier by John Murphy, an esteemed technician. And today, these were the indexes that closed lower. The Dow, S&P indexes closed slightly higher. Also, remember, that on the last and first day of the month, the tendency is for the markets to move higher. But, for me, the stock market is still heading lower and we are in the third wave. Stay in cash, or go short.