Away

Going away for a few days but doing some work on a larger time frame - The S&P looks like it can make a bullish pattern which would target 1241 then 1275. We will see how it pans out after we get back from the holidays. In the meantime we are moving on little volume and expect it to get worse going into the holiday weekend.

Light

Very light volume on this trading day. I expect it to be like this till after the holidays so no forcing stuff here- Higher resistance looks like 1223 area on the S&P and would be a nice short area if we hit it overnight since we are due for a turn around tuesday.
Watching Oil and Gold as I believe they will soon start moving inversely, YES I said it but we will wait for a signal.

GOLD

Look for some support on GOLD around 94 area. Looks like a bullish pattern developing and I would be buying at those levels

Warren Bufet

Well Warren Buffet can't save the markets maybe he will save BAC for the moment but just look at the reality of this amazing gap up and they all sold it off in the pits. That should make us really cautious that the big guys want out of this market.

APPLE will suffer the same in a year I can see that stock much lower. I have to admit Steve Jobs is one of the most is not the most visionary minds of our times, it will way on the company for sure. I remember getting my first MAC computer @14 and it has been a love affair ever since.

Wish him all the blessings and hope he can recover fully from this cancer

BAC

Important number for BAC is $5.75, must hold this number on the downside or we will visit the $3 range

1124

There goes 1124- no support there though. Next support between 1111.5 and 1112.50

Yawn

Just a slow day but watch 1124 on the S&P for some support. Looks like we in the summer dull drums

Option Expiration today

Option expiration today- no doing anything today so blog will be dark.

GOLD

With Gold at all time highs I look at what could be resistance next.

$1972 is the resistance area to watch

Interesting

http://finance.yahoo.com/blogs/breakout/market-death-cross-mode-stay-sidelines-says-louise-152153683.html?sec=topStories&pos=3&asset=&ccode=

BINGO 1115

THAT WAS FAST

BINGO

New lows here- look for 1115 thought market will close in less than 10 mins

UGLY

Crazy volatility. I am so dizzy from watching my screens, just amazing.
We look like we want to visit the lows again before the close

Advice

Stay out of the market- CASH is a position - this is chop you up to death. market just news driven by hour by hour news.

No fundamentals no technicals

FED Day

Well I don't trade on FED day but I wish I did this time as the volatility and test of yesterday low proved that a bounce was on tap. As I said yesterday and obviously hind site is 20/20 I thought we would get a bounce and it might have proven that I was dead right on the exact day of the bounce here.
The FED did its job of really telling the money managers that the economy is really on shaky ground and they dont see it improving for another 24 months. Yes this might sound bad but what this does is not make manager wait on every single meeting wondering what the FED or economic outlook might be and as you know the "Unknown" is always a problem with markets.
I expect this bounce to last maybe a couple days and possibly into weeks but I will play it very short term as the last week has been really volatile to say the least.

First upside resistance should be 1208-1212 area then 1245 which I think is where we should find some heavy resistance. Now if the FED signal their might be a QE3, I expect us to ramp much higher. As I said yesterday or the day before the risk reward was no longer on the side of the shorts and that's why I wouldn't be short.

Will see what we can muster up here for some longs.

WOW

This is amazing- FED basically saying the opposite of what they have been saying the last couple meetings. FED now believe we will be weak for the next two years. I think they have decided to stop telling lies and just face the markets.

Market looks like it wants to die-

snap back

When we get a relief snap back it will be brutal. We are stretched here to the extreme. Right here the shorts have less risk reward

WOWO

HERE IS 1121- DO WE HOLD OR CRASH??

Thoughts

After a huge gap down and continued selling to make new lows after lunch is not a good sign.

DOW 11K

Trying desperately to hold 11K, here on the market

PANIC!!!

1140 DIDN'T HOLD!!!! Next support I see is 1121.50 if 1136.50 dont hold here.

BLOODY

Blood Bath

Geez- 1152 not holding-
maybe 1140 holds but this is ugly

WOW

We really hit 1152. low was 1151. still looks like death- seem we going lower but waiting on confirmation. this might provide support

1152-53

Watching 1152-53 for some meaningful support at least short term.

To bounce or not to Bounce

Well folks been saying for awhile this market is on rocky grounds mainly based stimulus from the FED through extraordinary tools and low interest rates. I think there is some serious support @ 1153-1155 area and I will be buying some longs if we get down to that level tomorrow. If we head down to that level tomorrow obviously it would be a ugly day but technically we are oversold though that says nothing as we were massively over bought for a long time.
I read over the weekend that the average 401K was down $12,000 last week alone and I wonder if investors will get scared enough to fuel a massive sale of stocks here to park into cash. Right here CASH is surely king but I believe with the Debt ceiling issue out of the way and the debt rating out of the way we will find some stability here and regain some of the losses we have seen in the last few days. I am nowhere a bull and if you been reading my blog for awhile you will recall I have said we will find a high in the year 2011 in this massive bear market, so I expect us to see a high in the market for the next three years this year. Do we get higher than where we were this year who knows but I am playing longer term time frames on the view that 2011 we will hit a high.

Job Numbers

Futures bouncing hard from job numbers. Still waiting on the dust to clear to see what is really going on.

Funny

Turned onto CNBC to listen for a second, WOW. These were the same guys said to buy when we were at 1350 now we lost 100 points in a week and they saying sell.
HMMMMM

CRUSHED

Markets getting crushed here- glad to just be down minimal this is not looking good.
everything is being sold

Massive

Massive bleeding but no sign we at lows of the day

1230??

If we break 1236 today I am expecting a test of yesterday's lows of 1230 on the S&P.

WILD

Wild market here- Again best move is to stay out- till we stabilize

1252

1252 was traded low of June and closing lows was 1259. I expect us to test 1252 if not today maybe in the overnight session

both DOW and S&P are now under 200 MA on daily charts

1259

1259 is the June lows- A close below there would be very negative

Vote done

Should get a bounce here before the news media analyze the deal tonight. Let's see if we get some relief from the selling

Below 12000

market struggling with this debt deal still. Economy is slow time to stay cash or play defensive but even the defensive stuff getting sold into

Tuesday

Well 90 mins in and it seems that traders forgetting it is Tuesday. Yep maybe first in awhile we wont get a turnaround Tuesday. We are slowly grinding lower here

Nasty

Nasty action here- new lows and breaking thru support level-

STAY OUT OF LONGS

WOW

Blew through those levels. death!!!!! we hit fridays lows. so long to that huge gap up

GAP UP

Gap up is being faded HARD. Why? the debt resolution needs to go away before we really settle down. Been saying for the last two weeks stay away and wait. I bet people bought at open thinking everything is ok but we are not out till be get the debt ceiling talks over.


Look for support at 1288