Well, ladies and gents, I hate to be the one to say I told you so, but I told you so. The bulls had been pushing their luck this week by tacking on abnormally large daily gains, hoping they could get away with it without inviting a pullback. Today, however, the weight of this week's gains started to bear down, prodded by yesterday's bump into some key resistance lines. Now, I'm not completely throwing out the possibility of the bulls regrouping here and rekindling the recent rally. I'm just saying all major pullbacks start with a small first step, and all the indices started the day in the ideal position to take that small first step backwards. Since a picture is always worth a thousand words, let's just dig into a chart so you can see the wall the market hit today. (We'll keep our look limited to the S&P 500, since all the indices' charts are telling the same story at this point.) On this chart you can see the upper Bollinger band I talked with you about yesterday - the one that halted Wednesday's rally dead in its tracks - stuck around to send the market back-pedaling today. In fact, it was nothing but selling right after the opening bell, and as the day wore on the selling accelerated. You can also see the VIX reversed course, and is now moving higher without ever actually hitting its lower band line. Assuming today's move is the beginning of a new trend, then we all need to get ready for a more significant pullback. There's just one problem - I'm not entirely sure I'm ready to put money on that assumption. While stocks sold off today, the volume wasn't especially strong. We're going to need more sellers than this to really torpedo the market. My gut says the sellers will come out of the woodwork and take us lower, but I'd really like to see another lower close to act as a confirmation. If we get that confirmation tomorrow or Monday (or maybe I should say tomorrow and Monday), we'll start talking about downside targets. Back From the Brink It occurred to me after I sent yesterday's newsletter out to you that I hadn't given you a recent update on one of our newer ideas ... Manitex International (MNTX). Yes, we're still in the trade. There just hasn't been any news to talk about of late. There is one thing I want to tell you about Manitex, however, or maybe it would be more accurate to say I want to show it to you. It's a recent chart of MNTX, and it looks encouraging if I say so myself. You might recall the last time we looked at Manitex I was concerned with the amount of pressure the stock was putting on the horizontal support level at $10.00. We were fine as long as the $10.00 floor held up, but if the floor buckled, I was going to shed the position. Well, not only did the floor not buckle, it ended up acting as a springboard, pushing the stock back above a swath of resistance around $10.70. It's still a little too soon to say the stock's ready to rally the way I expected it to when we picked it a few weeks ago, but we're getting there. Our other open ideas are Xerox (XRX), Northwest Pipe (NWPX), Kearny Financial (KRNY), and Global Indemnity plc (GBLI), but honestly, there's nothing to say or do with any of them right now. The only other stock I want to talk about is a name we actually sold a few days ago, but are mulling putting back in the portfolio... Commercial Metals (CMC). We first floated the idea of re-entering Commercial Metals on Monday, based on the chart's snap back above the key moving average lines it fell under in late August. The only thing we didn't like was the pace of the jump - that surge was an invitation to some equally strong profit-taking. We've not seen that dip yet, but it's still on the table. More important, as long as that dip is stopped and reversed around $15.50 where several key moving average lines have converged, we'll likely use the pullback as an entry opportunity. What I've not told you about our interest in CMC is the bigger "why." We talk about it a lot here in the newsletter, because it's worth talking a lot about... getting into the right sector or the right industry is almost as important as getting into the right stock. It's an idea important to us and our interest in Commercial Metals right now because the entire steel industry is perking up, and may have already started a new uptrend that will carry most of these names with it. The chart of the Dow Jones U.S. Steel Index tells the tale. Though it's not made any net progress since late-2011, the current shape of the chart suggests there's some brewing bullishness. A couple of key resistance lines have already been knocked out of the way, and the momentum - and I mean long-term momentum here - has turned bullish. You could argue how the recent ceiling at 220 needs to be cleared first before the paradigm shift for the steel industry is complete, and maybe we should wait just to be safe. Honestly though, what we see right now is convincing enough in itself for me. What I love about this chart is that it's one of the few that isn't overbought thanks to months and months of overheated buying. CMC should fall right in line with any industry-wide move. Just wanted to let you know what was going on, pick-wise. Speaking of stock picks, I mentioned to you yesterday the SmallCap Network Elite Opportunity put on a new trade that required immediate action if you wanted to capitalize on it. I hope most of you went ahead and pulled the trigger on your free two-week trial to learn what the trade was, but if you didn't, you got a reprieve - there's still time to step into that recommendation. Again though, there's not much time. Go ahead and sign up for the trial if you want in. At the same time, congratulations are in order for SmallCap Network Elite Opportunity subscribers who were members back in July. The SCN EO's BioTelemetry (BEAT) trade is now up a little more than 100% in just a couple of months. Don't miss the next ridiculously-big winner! Become a member of the SmallCap Network Elite Opportunity today. You can even take a free test drive to see if it's for you. Here's how to get it. Or, copy and paste the following link in your browser: http://www.smallcapnetwork.com/?vmpd_ckstr[click_track]=SCN+Newsletter&vmpd_ckstr_redirect=/pages/SCNEO/v1/