Tuesday, August 2, 2011

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