There, we finally got it! After 2-3 days of chop and lots of people thinking 'this is just a small pullback', we got a big distribution day. We still see Nasdaq leading, and small caps lagging. Most indices now printing double tops. But then again, if the debt ceiling deal comes true, we might see new highs before the end of August. I'm not going to take a guess, I'll just sit this one out as said before.
What ever news follows, just be smart and stay in cash for a couple more days seems the wise thing to do for now. And if you really want to put some money on the line, remember what they say: trade the charts, not the news!
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