The subtle weakness in market internals discussed in last night’s Briefing, coupled with the continued weakness and divergence in the Russell gave a clear signal of some type of rotation lower developing. If you day traded the rotation, it was a good trade. Our analysis is based on the perception of value on the part of traders and investors. Included is the strength of that value perception. Tomorrow there is a FED announcement. It will certainly have an impact on value. I expect to see a choppy, rotational market tomorrow until the announcement. How the markets close tomorrow and their open on Thursday will be extremely important.