Before Open

Well the summer dulldrums are here!! Friday volume was so light it was impossible as a trader if you are to do anything. Well this morning Gold made it over $1600 obviously mainly due to the debt issues that are plaguing the US. We are going to open negative but we have been holding that 1300/1301 level pretty well but we will see what happens today.

Things to come

GOOG, Citicorp or JPM earnings could not save the market. Even with GOOG blowout the nasdaq is barely up. Not a real good sign, show sellers are outnumbering buyers

Amazing

For those who really think the market move randomly really need to study the market force- Today after all that action on the upside we managed to sell off and test the overnight lows of 1302, just amazing. Now I am very surprised that with GOOG earnings out we are only up a tad in the futures and this makes me think we are in a prime zone for some weakness. I really think we are panning out a top here but honestly not 100% confident so will play it as it comes.

GOOG and Market

I am wondering if GOOG earnings leaked why the market is so weak here?
Or maybe this is one big huge trap for the bears

1310.50

Nothing much happening here- new lows for the day but far away from the overnight lows- watch 1310.50 for some support

Positive today?

If we get positive today I would be looking at that 1329 level on the S&P. In the mean time Gold is en fuego obviously because of all the bad news in Europe and the US Debt crisis, yes it is a crisis.

Overnight action

Overnight action again took the futures down to 1302 on the Moody's announcement of US downgrade. 30 mins before open we are trading at 1317 level. Seems like 80% of the action in the markets seem to be overnight while the daytime action is muted.