The average small cap score is 53.19 this week, below the four week moving average score of 53.26. The average small cap stock is trading -25.22% below its 52 week high, -1.01% below its 200 dma, and has 8.37 days to cover held short.

September E-mini S&Ps (ESU14 -0.10%) this morning are down -0.11% and European stocks are down -0.90% as investors lighten up positions ahead of speeches later today from Fed Chair Yellen and ECB President Draghi at the Fed's annual symposium in Jackson Hole, Wyoming.

September E-mini S&Ps (ESU14 +0.15%) this morning are up +0.09% at a 2-1/2 week high and European stocks are up +0.44% at a 2-week high on reduced tensions in Ukraine along with stronger-than-expected stock earnings results.

These early earnings results are clearly showing, we can no longer blame the terrible weather from this past winter as the reason for retailers reporting terrible results. They are doing so because the consumer is feeling the pressure from the excessive debt that they piled up over the last 5 years

With Coach, I am going to sit on the sidelines and watch and wait for a sharp V reversal. Retail investing is a dangerous domain and you better get the quantitative, qualitative and technical picture right.

New Federal Reserve Chairman Janet Yellen went before Congress and confidently declared that "the economic recovery gained greater traction in the second half of last year. Only every indicator says otherwise...