Recovery

Where is the great recover the talking heads talking about???
AOL just announce they laying off 1/3 of their workforce
AETNA had lay offs yesterday.

Again where is this great recovery and new bull market

Action

Funny how the patterns are saying higher but the volume as we have noted just won't back up the patterns. That's why in those circumstances you stay out of the way, this is just too choppy either way to take a stand.
Next support 1083 then 1075

Action

Very interesting action early- Remember to bracket the first hour range and see where we break

S&P

man what a mess!
Another choppy day yesterday the bulls defending 1100 once again on the S&P 500 Futures, but the futures are below that level overnight. A late day grind brought the futures out with a slight gain on the day.

The market appears to be gasping for water, but it does not appear that the bears want to risk much trying to put an end to this upside. The E wave count suggests we should get one more push up here (how many times are we going to say that:)), but as I said before, we are in a cycle confluence along with a structural resistance zone, so a pullback from around here has good odds, which I said last week, but the obvious depth is the big question.

Crude