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Mirror, Mirror: Today's Trading Parallels Yesterday

Today's trading: a mirror image of yesterday. Let's just hope it doesn't end the same way.

Stocks are hitting their highs midday, just as they did yesterday. The charts are the same, even the market leaders are the same as yesterday: financials, tech, and consumer discretionary.

But after 2pm ET yesterday, we saw a swift late-day decline that looked a lot like November and the beginning of January, when we ended on the lows for days on end.

Most disconcertingly, the drop was led by an increase in volume. In other words, selling pressure was not exhausted.

Lowry, in a note to clients, noted that "almost all the pieces for a market bottom are now in place," including a combination of 90% Up and Down Days, oversold reading on all the long-term overbought/oversold indicators, and other signs too innumerable to list.

What we don't have is a big drop in selling pressure. I am also not personally convinced that buying interest is all that strong.

Bottom line: it's still not clear if yesterday's pullback was an indication that the 15 percent rally in the S&P 500 had run its course.

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