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

1061 level

How did I get that 1061 level, chart below. Also if we break it on a closing basis it "suggests" we get a test of the lows at 1042.

Video

Points to watch

Though the volume is low there is still a possibility of a bounce if we don't violate the 1061 area. As of now the market is dead! we are just swinging within a small range and it make ZERO sense to play hard here. On the longer time frames it remains the same and if so you play accordingly.