Was the 1006 a pivotal number?????

Well we didn't attack the 78.6% level at 1010 today but we did tick that 61% 1006.50 on the futures, remember we only hit is cash yesterday.

AB=CD is @ 988.50 and I have a projection @ 984.25.

Today there was a easy trade of the broke of 1000 on the short side which would have netted at least 6 handles easily. We are getting alittle noise bleed here in the markets and Nasdaq under performing the last two days make be on pause on the long side.

S&P 500

S&P 500 Corporate defaults up over 300% to 9.38% compared to the same time last year.

Hmmmm

How are we going to dig ourself out???

http://news.yahoo.com/s/ap/us_plummeting_taxes


?

FDIC seems to be in trouble or running on fumes

One more bank failure but this will be the largest:

Guaranty (GFG) could be soon seized by the government in what would be the biggest bank failure in a year that has already had 64 of them. Last week, the bank warned investors to expect a federal takeover after regulators forced a writedown of its risky mortgage investments and a bid to raise new capital failed.

Late start- But Bingo again

Late start to the day for me. Two hours left but notice the 1006 was the exact top of today's market (1007 on the cash). That's a very important level indeed and we will see for the rest of the week if we start to develop this area as a POC (Point of control).

Will update some charts tonight and post.

S&P 500

Looking that the possibilities here wave structure wise we are forming a number of overlapping waves which leads to confusion. Watch that 1006 level tomorrow or overnight tonight as I have 1005.25 as the 361.80 projection from thursday's swing low.
Let me see what happens tomorrow and gauge the volume on this move made today since it was a gap and go.

Do you get a turn around tuesday or a real rejection @ 1006. One thing to note today on the futures, the big guys weren't participating, is this our early red flag.

Crude

Oh man I really suck I only called Crude within 9 cents of today's top a day before :)
Well lets take another technical look at it. The 72.20 I looked back on my charts was the 261.8 fib extension the move down by where we took profit on that short play. The next meaningful number I have is 73.16.