GS Earnings

GS earnings should set the tone for the day. Let's see how GS trades after the open as of right now an hour before the open it is flat as GS was up huge yesterday on Whitney's upgrade.
Anyone see Crude- bouncey, bouncey, who told you so???
63.50 is resistance above for crude.


Remember folks what I have been saying I think we get one last push up before we really head down based on the wave structure also July should contain a high from the cycle theory.
We will see soon enough.

MARKETJEDI

First hour break was higher

First hour break was higher and thus the push higher. Again that 875 area proved to provide some support.

Crude

For those who are watching remember we had out target for oil initial move down to the $57 area. Since we are now in that area I would expect us to chop around there and/ or possible bounce.

First hour is in so look for a break either way to play the indices.

Good luck

All gaps FILLED

All indices have now filled there gap within the first hour, that's how we like it done.

Gap filled on S&P

Gap filled on the S&P so far but not filled yet on the DOW.

Gap fill

Looking for at least a gap fill here this morning-
Oil still seem to be under pressure

More Stimulus

There is more talk over the weekend of the California IOU's and the need for more stimulus. Folks I said it early in the year that we will get a rally and everyone will say we are coming out of the recession but it will just be a blimp and nothing else. Lower prices are in store and I think to a minimum we have a bear market for another three years with a possible substantial low late next year, we WON'T be in recover mode any time soon.