Market Bears Make It Two in a Row Despite Increased Volume

NEW YORK (TheStreet) --Can you believe it? The stock market is now down two days in a row.

The DJIA finished down 109.69 points to close at 16734.19. That is two consecutive 100-point losses for the DJIA. The S&P 500 was down 13.78 points at 1930.11. The Nasdaq was lower by 34.30 at 4297.83 and the Russell 2000 index was down 7.31 at 1159.40.

The most interesting fact Thursdaywas the volume on the S&P 500 Trust Series ETF (SPY) crossed over the 100 million-share mark for the first time since May 20. I am not sure if it is coincidence or not but the stock market on that day happened to close on the downside with increased volume, too. The DJIA was down over 100 points on May 20.

I will say again the major selloffs in the market happened to be with increased downside volume versus the up days when the market volume is much lighter. This matters to me even though most Wall Street pundits shrug it off.

The question now becomes, is this the start of a major downside trend or just a short-term selloff for the bulls to reload? I have no idea. This stock market in 2014 has been much different compared to the last couple of years.

The utilities continue to lead on the upside. The Select Sector Utilities ETF (XLU) is up 11.3% year to date while the Select Sector Consumer Discretionary ETF (XLY) is down over 2% YTD.

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