After the Dow tumbled 500 points in early trading, legend Art Cashin just warned we could see another wave of selling today.

July 6 (King World News) – Art Cashin, Head of Floor Operations at UBS:  The bulls have been unable to regain their footing throughout the morning. 

The slightly negative technicals on the very tight ranges from the preceding trading days appear to be coming home to roost.

The ADP Payroll data shocked everybody, including the bond market and, while there is a great deal of skepticism about the validity of the number, it is in the record, nevertheless, taking the yield on the ten-year up above 4% and posing the question whether we are going to try and attack the recent high yield of 4.25%.

The JOLTS number was reasonably solid and did nothing to take away from the anxiety built up by the ADP number.

The rising yields are putting particular pressure on the bull’s version of the Cavalry.  That being the big cap tech stocks.

Now it will be important for the bulls to try to circle the wagons as we move into midday.  Failure to regroup could present longer-term problems.  So, we will let the technicals begin to unfold and see where we go.

We not only broke through the presumed support at 4220/4225, but we broke down below the 4400 level and that can be important.  The bulls would like to regain at least 4400 by the close today and, of course, where the levels are will be important tomorrow, since it will be a Friday close, making it a weekly number.

So, while the game is still on the table, clearly the bulls are behind the eight ball and need to regroup and do so pretty rapidly, lest we get into a potential for a second wave of selling this afternoon.

Try to stay alert and stay safe. Arthur…ALSO JUST RELEASED: ALERT: Europe Now Taking Steps To Move To A Cashless Society CLICK HERE.

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