In This Edition... Market Update: We Crossed the Line  New Trade Alerts: Expedia Inc. (EXPE), Teleflex Inc. (TFX)  From the Community Market Update - The Line's Been Crossed We'll get to the discussion of new trades on Expedia and Teleflex in a moment. I think the bigger-picture look at the market is the more pressing issue today.....  What a difference a week makes, huh? Though we took a small loss two weeks ago, the market was still on the verge of new 52-week highs. Now, we're on pace to close out the week about 3% below last Friday's close, having broken a major support line in the process.  Yes, I do think all these clues line up to suggest a relatively significant correction. I do NOT, however, think this is the beginning of a market disaster.  I want to update the chart we posted last Friday, as it illustrates quite clearly what's changed and where this all may be going.  From the top, we can see the ascending wedge (green lines) I discussed last week has indeed led to a tumble. The lower, support side of the range buckled on Wednesday, and yesterday's attempt to climb back above it ultimately failed. Today, we're back in the red.  That in itself isn't the whole reason I doubt we'll make a recovery effort though. No, the clincher came yesterday when the market rallied sharply, but there was relatively little volume (nowhere near as much volume we saw when things were headed lower earlier in the week). Sorry I couldn't show the volume bars on my chart because it's getting crowded enough already, but trust me - the volume was light yesterday.  I did re-plot the breadth and depth data though, as I did a week ago.  Depth had already turned bearish at the time, while the breadth trend still had a shot at recovering. It didn't though - the breadth trend turned bearish in the meantime, as signaled by the bearish depth moving average crossing above the bullish depth moving average. That turn for the worst is accented by the fact that all of this happened right about the same time the market itself fell under major support levels.  And where's it all going? I still contend the Fibonacci retracement lines (blue) are good mental targets four our current situation. The first one's at 936, which would translate into a dip of 15% from the peak of 1101. Ouch! But hey... that's actually a pretty normal correction anymore.    New Trade Alerts Though I'm obviously taking a bearish view of things for the time being, I still want to stick with playing both sides of the market by issuing bullish as well as bearish trading ideas together. This week, I'm bearish on Expedia Inc. (EXPE), and bullish on Teleflex Inc. (TFX). No matter what, we'll have the wind at our back for one of the trades. And, if I've chosen carefully, either pick should be strong enough to resist any headwind.  Expedia Inc. (EXPE) If it rings a bell, it's because I highlighted the looming breakdown from Expedia in some comments from yesterday. At the time, the chart had flashed a few key hints of a major reversal; today's move to lower lows seals the deal as far as I'm concerned. As for a target level, I find it very interesting that the first major Fibonacci retracement line at $19.41 is perfectly splitting the gap from July 30th. A pullback to that mark could effectively kill two birds with one stone for EXPE. So, let's start there. It's not a huge move, but it's not bad either.... and it will build a profit cushion if we decide to hang onto the trade and fish for more gains when/if $19.41 is reached. Side note about Expedia - the company actually reported pretty strong results yesterday, yet the stock started to implode a few days prior to the announcement. I think this is a pretty clear case/example of 'buy the rumor, sell the news'. But, given just how big the gain has been since early this year, there could be a lot more profit-takers waiting in the wings. Teleflex Inc. (TFX) The nearby chart of Teleflex shares - despite showing the complete transition from a bearish phase to a bullish phase - still doesn't quite do the stock justice. I didn't have room to show you how the resistance line extends all the way back to the middle of 2007.  For those of you who read my comments fairly regularly, you'll know I'm a fan of trading high-volume breakouts and breakdowns that occur simultaneously with strong moves outside of wedges or triangles. That's what we're basically seeing right now with Teleflex, but I didn't find this chart the way I usually find those trade setups.  No, TFX was put on my radar because one of my system-based signals (which scans for accelerating volume and momentum trends) found it. As evidence of that detailed scan, note the accumulation-distribution line has been reaching new multi-year highs for a while, even though the stock hasn't - a great pattern, but not one many people look for. That's the power of customizable scanning.... it finds ideas nobody else is really thinking about. And believe me, Teleflex is on very few radars. As for a target on Teleflex Inc. shares, let's just start with the simple one of last year's peak around $67.00.    From the Community High Flyers: RTIX, OESX, LOOP  Chart Review of NCS, MESA, and IMGG  EDAP, EXPE, TIN: A Technical Review  Is BioElectronics (OTC:BIEL) Still a Buy?