BINGO

Another Bingo hit the 1042. Actually went to 1041. The beauty of technical analysis called it last thursday. The Adv/Decline line is horrible and I expect us to finish near the lows.

Gap down

Huge gap down- I guess the triangle analysis worked- Man oh Man those who don't believe in technicals are so wrong.

Markets

The gap down this morning looks like a continuation of the triangle break post last yesterday evening. Now if we don't resolver 1/2 of the gap by 2PM today then i am sure we heading towards the lows mentioned last week of 1042 on the S&P which is my target.
We are weak here and folks trying to find good news to push us higher but it is not sticking I am watching the financials carefully as they essentially was the big bouncers from the 2009 lows and I expect them to be the first ones to show weakness before we get a real push on the downside.
Watch as usual BAC $15 level, very important for this stock.

SPY

The triangle has resolved itself to the downside. Should be interesting here

Friday's action

A Doji on the daily chart signals we might be ready for a bounce

Interesting read

Interesting read here. Very rough year for a lot of the best traders and hedge funds. Got to stay light in my opinion.

http://finance.yahoo.com/banking-budgeting/article/109928/commodities-star-absorbs-loss?mod=bb-budgeting&sec=topStories&pos=7&asset=&ccode=

World Cup

World Cup fever has got me as usual so sorry for the light postings. One thing I like here is Oil higher. Most know I am an oil bull and think anywhere in the mind 60s is a sure buy. Near term I am looking at $80