Caution

That's why I said no trading till debt deal out of way- Trying to buy stuff here is crazy. Debt deal is the mover.
This could end up being an awesome long side trade but you got to be patient

RIMM

RIMM looks so weak- I remember it was just early this year it was @ $70. I know they were going to be weak soon because when I was going to get my android I said to myself is anyone buying blackberries anymore. OLD TECH!

Caution

As I been writing stay out this market till this debt issue is done- S&P getting hit hard here in the early going

Market

Market looks like it wants to close the gap and go positive- Still far off but setting up

Monday

Starting the week premarket looking very negative. Thursday and Friday volume was extremely light with all the debt ceiling talks and the futures are down on the news that there is no deal yet. I don't expect much to happen in terms of volume or move till Washington gets a deal done but know Washington this is going to go to the wire as both parties are trying to score political points.
When announced I suspect the initial reaction to be up and due to the light volume it wont take but a few big traders to up the market significantly higher initially, what will be the true test is how we trade a week after the announcement. Till then most managers and funds will be on the sidelines.

Problems

Why are we down didn't AAPLE save the economy??????
where are the bulls?

APPLE to save the markets

Markets anticipating a banger of a earnings from AAPL and we are on to new highs for the days.

Interesting FACT

The S&P is up a whopping 8% over the last 10 years.

!!!!!!!

What is the Surprise

Weak earnings from BAC and GS and the street it is acting like it is a surprise, REALLY!
Too optimistic folks are about the banks when they are stuck in a dirt for awhile. There is a reason why the banks are not lending money and it is not credit related it is because revenue streams are drying up. I believe we will go through another period of bank consolidation because they are just not solid enough to survive wall street expectation in this weaker economic climate.
GS expenses fell over 23% and they still missed revenue targets because trading revenues were down 50%. Cut in half why? it is harder to trade and they doing what they should DON'T trade in this type of market, I have been saying this for awhile on this blog.
Lets see if they can hold the 1300 level today. that is a Value area to look at.

Broken

So 1295.25 is broken, next level to watch is 1290.50. I am thinking that will hold or the 1288.50 but 1290.50 is a fib level.

Breadth is pretty nasty

Lows Cont'd

Broken- it is expected 1295.25 be tested today.

LOws

Overnight lows hit here- if we can't hold I am looking at 1295.25 as the next support which was last week overnight lows.

Before Open

Well the summer dulldrums are here!! Friday volume was so light it was impossible as a trader if you are to do anything. Well this morning Gold made it over $1600 obviously mainly due to the debt issues that are plaguing the US. We are going to open negative but we have been holding that 1300/1301 level pretty well but we will see what happens today.

Things to come

GOOG, Citicorp or JPM earnings could not save the market. Even with GOOG blowout the nasdaq is barely up. Not a real good sign, show sellers are outnumbering buyers

Amazing

For those who really think the market move randomly really need to study the market force- Today after all that action on the upside we managed to sell off and test the overnight lows of 1302, just amazing. Now I am very surprised that with GOOG earnings out we are only up a tad in the futures and this makes me think we are in a prime zone for some weakness. I really think we are panning out a top here but honestly not 100% confident so will play it as it comes.

GOOG and Market

I am wondering if GOOG earnings leaked why the market is so weak here?
Or maybe this is one big huge trap for the bears

1310.50

Nothing much happening here- new lows for the day but far away from the overnight lows- watch 1310.50 for some support

Positive today?

If we get positive today I would be looking at that 1329 level on the S&P. In the mean time Gold is en fuego obviously because of all the bad news in Europe and the US Debt crisis, yes it is a crisis.

Overnight action

Overnight action again took the futures down to 1302 on the Moody's announcement of US downgrade. 30 mins before open we are trading at 1317 level. Seems like 80% of the action in the markets seem to be overnight while the daytime action is muted.

Market Problem

The real market challenge for average folks is that most of the movement is happening after hours. Last night the futures hit a low of 1295 and opened this morning around 1313. Now that move overnight would have give an average person who was short huge returns but since there is no way to play over night action if you are an average guy, the big guys just rack up. This is one of the reasons why the big boys can still make money and the small guy can't.
So where does that leave us today. Well I am hoping we do get a turn around tuesday but almost 30 mins into regular trading we are just bouncing around opening prices.

CNBC- IDIOTS

Everytime I try and watch CNBC I see some news that is not true- They have a huge running ticker 10 mins ago saying BAC is trading at all time lows, REALLY! Thats the lowest BAC every traded??? Does anyone call them to tell them they are posting wrong info? What a waste of time to watch!!!!!!!

Interesting

So where the big guys pushing the markets up for the small guys to think we are in bull mode or have the European problems bigger than we think. All I know this is one crazy and hard market to trade and this proves it once again to keep it small and know your stops. Alot of volume today on this downside so most of the reflection points should be hit on the S&P. S&P hit 1314.75 which was support and we bounced almost 6 points off there while Obama was talking.
Still watching to see what goes here as they could turn this into a buying opportunity for earnings season.

Interesting

Of the 18000 jobs created last month 90% of them were McDonalds. An they calling this a recovery, SIMPLY AMAZING

1330.50

Trying to hold here- but if we break next supports are 1327 then 23.75.
1330.50 has held three time today so far but we been trending here

BINGO 1330

just hit 1330.50 lets see if we can stabilize there

Ugly before Open

Very ugly before the open- down almost 21 point on the Futures in 30 minutes. There seem to be some support at 1330 but we will see soon enough

Futures- Dive

Wow the payroll numbers are terrible futures down nearly 16 points on the announcement- They trying to put lipstick on this market but it is just not good- Yesterday I heard of 10 persons personally that just got laid of in one department of a major corporation. Really let's be real here we just not recovering

PAINT PLEASE

Wow we training in a 4 point range on the S&P since the open.

Interesting

So went away for a few days and I am back. Funny how you need a vacation after a vacation though I wouldn't call a 4 day trip a vacation but just time to recharge the batteries.
Early analysis here and I might be early but I am steeping into some shorts here. I am very cautious as for the last 3 hours it has been like watching paint dry in the markets and i am wondering if most of the big hitters are out on holidays for the summer already.
Nothing out there gives me any proof that this is bullish phase but IT OBVIOUSLY seem like a top is being formed and because it looks that way I am willing to take positions here for a short term retracement though I might be early.