UGLY

Ugly out there- next support I see is 1285 on the S&P

Downgrade

S&P just downgrades US bonds.

Inflection Point

Market at a real inflection point- I would be very careful here. The Euro should get a pullback in a bullish pattern and it will be interested to see how Oil reacts in the next few days.

S&P

Looking what will happen if we touch 1304 today on the June contract on the S&P. A close below will bring in the bears.

Oil wow

Called Oil here months ago to $113 and that was the top so fr- we have dropped $7 since it hit $113 and I think we will go lower since the projection has been fulfilled.

Market

S&P trading weak here- see if they try and tag that overnight lows 1318 area. I do have this as a significant number in my analysis

Oil

So Oil hit my $113 projection and has been in pullback mode since then. I do expect it to fall below $108 and when it does i will draw up new projections to see what next might happen in the medium to long term. In the mean time we are doing a whole lot of NOTHING in the market. This is worse than watching paint dry
Busy week for me so posts will be limited.