technical explanations are out of favor, so here<u+2019>s an educated guess:




i believe there were a number of institutional rebalancing programs today designed, in mild risk-off fashion, to move monies away from small caps and post-aapl nasdaq, without appreciably changing overall equity allocations.    (the dow, best performing today, also had the highest relative volume amongst the indices).




this would explain how the dow could hover slightly green even as the russell was suddenly smashed below a key weekly level, down > 1.25%, then only meekly recover, while all other indices easily achieved the standard late-day vwap comeback.   




even so, those hoping recent rut upside difficulties portends a more pronounced, generalized risk-off market are holding, though firmly, to only the thinnest of tea leaves, waiting for a stronger brew <u+2026>
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