Shooting The Market Leaders

As I've been pointing out the last few days in the VO, the market action is somewhat worrying. Actually for the last few weeks we've been rallying on light volume and pulling back on heavier volume. Still, the indexes are not far from their recent highs.

Nonetheless, I said I'd begin to worry when they started selling the leaders. And today, you can see some good examples of the recent leaders getting taken out, most notable among them right now CROX and TNH. Actually, they're killing all the fertilizers today, TNH, POT and CF.

Misstrade has a great post on this phenomenon here.