Afternoon Update

The averages are down from -0.2% (Dow and Small Caps) to -1% (NASDAQ-100) with Transports (+1.25%) displaying relative strength. Although not a typical consolidation day in terms of price action and price volatility (not VIX), the percent changes on the day are consistent with a consolidation day following yesterday’s 1-day overbought extreme internals. WTI crude…