1103

Futures just hit 1103 overnight- short here

1113 would be a nicer rebound area to short. Remember we are oversold from last week selling and a bounce is expected. Alot of folks talking like this is a start of a meaningful decline i don't believe that yet. I still think we will try for higher after we take a rest. We just getting our ABC off the 5 wave count up here

Charles Nenner

I follow his work alot he uses time forecast cycles

Observation

GOOG:

looks like it is in a minor bear flag. Looks valid to me maybe worth a poke on the short side but this is an expensive stock and the options are well juiced the last time I looked

Volume

Volume at a stand still Geithner is testifying and FED announcement later.
Good day to take a stroll

S&P

Well we getting the bounces from the oversold structure of last weak but to be honest I thought we would have bounced more. I am looking at a bounce to probably 1097 area to reshort.Today being FED day should be a boring day I would not try and trade today as FED days volume usually start tappering off @ 10:30 till the announcement @ 2:15. Also remember today is also Bernanke's confirmation.

So numbers to watch 1097 then 1103.