Tuesday, May 4, 2010

Bounce




Expect a bounce off the 50day MA

OUCH

The Nasdaq is really getting cracked here. Would not be surprised to see -320 but maybe the protection team comes in.
Sweet play off the first hour bracket.

we are -257 here

first hour

first hour is in but markets are still making new lows- Sweet little set up on that play if you took it as a futures play. Dont look good here for the market, maybe they flush us!!!!!!!!!!

Ugly

Ugly first 10 mins, we have totally took back all of yesterday's huge gains. I will be watching the first hour, to see what the big guys want to take us

1155

1155 is the support level on the S&P. Don't expect that today obviously but that is the area to watch for some meaningful support

Huge gap down

Lets see how far we can work off this gap down. Very very weak in the first 3 minutes and testing the 11000 area.