Bounce

Bouncing a bit but I don't buy it- look to see if we hold the 1265 level and then 1262 if not we will revisit the lows

Perfect continue

This is a great setup happening here- I am just going to be patient. We should test the lows from last week and that area I spoke about in past post.

Perfect!!

The last hour of trading cascaded today. As I posted earlier this would make a nice set up into the pre holidays period to set up a highly tradeable bounce. Overnight I am hoping we hold 1274 level so we dont get immediate selling but if we do this would confirm a retest of last week lows and possible that 1241 target for a buy.

We will see soon enough

Paint Drying

So here watching this market is virtually like watching paint dry and then I forgot it was FED announcement day which is always an extremely low volume day prior to the announcement.
So what do we have here in the market. Well I am going on record to say we will go higher after the next pullback. My projections are telling me we are in the throws of a intermediate low and I was HOPING for us to test 1241 on the downside but I forgot we had FED meeting this week and usually that has an upward bias.
What I am hoping for here is a sell the FOMC meeting news either today or tomorrow and test the lower boundaries of the last push as this would set up a super buy. Why a super buy because I strongly believe the Bernanke will say something about QE2 which will cause some initial anxiety but then analyzed as positive.

Point here I am gaining confidence that we will get a SIGNIFICANT bounce. If I am wrong when I do buy I will know quickly and get out for a small lose. In the mean time I will wait it out.

Expiration today

Also per usual nothing doing for me today with expiration. Most manipulated trading days!!!

1239-1241 just as a heads up will be my buy zone for the market or the first week of July

UGLY

Market is so trying to beat me in UGLINESS. Geez Nasdaq is ugly

Rally ??????????????

So all of yesterday's rally is gone. This is one bearish situation and that's why I am doing NOTHING. watch for a break of 1261 then minor support @ 1258. But really target seem to be 1241