Thursday, May 17, 2012

Interesting close

Market close at 1304.8- I made note of the 1303/4 area if we did sell off this morning. The hard thing about today action was that the closed us right at the level so it makes it hard to play for a bounce, I don't think anyone would be poking longs there at the close. I am going to do some charts and see what kind of pattern we are forming here in this sell off. Currently looking oversold but I wont know where to watch till i set up some charts. BINGO on the 1304!!

Weakness

We are still weak and APPLE looks horrible to say the least. Watch 1303/4 area on the S&P IF WE DIP THAT FAR!!! Scaling out puts on S&P HERE +85%!