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Markets Have No "Leadership" At This Point

After the bell, Kohls joined JC Penney and lowered fourth quarter guidance, down 3%. What's wrong with today? No follow-through to Tuesday rally, first. Second, we have now ended at the lows 5 of the last 7 days. Third: no leadership

You know what I mean: up to a few weeks ago, the leaders were energy, materials and techs. But look at what has happened since they hit their highs a few weeks ago:

Energy down 10.7%
Tech down 10.1%
Materials down 8.9%

That's a problem.

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