The answer I was looking for on Friday came a day late, but as they say, better late than never.

The breakdown that tried to begin Friday got a full head of steam today and beat the bulls like a tied up goat. Stops were run to the downside as support levels couldn't hold. The bears now have an opening. We'll see what they can do with it.

This breakdown from the consolidation area is bearish to be sure, but it's not a guarantee that the bear has returned just yet. I'd like to see a break of 875 before I get too excited. More likely a trip towards 900 will be bought for a bounce first. It's the action after that I'm interested in now. If the market can't better the highs then, that'll be very negative. 

As expected, gold, silver and the XAU have been weak and the dollar has rallied. I expect that to continue.

One interesting play may be with UNG (natural gas). It's been relatively weak compared to oil, perhaps even historically so. I expect money to begin moving from oil to natural gas to correct this phenomenon. That trade was obviously in play today and I expect it to continue. 

I'd love to see one more move down in TLT, but it may not come. There's a great trade here at some point. Any move lower could be bought with a stop somewhere below $82.