1215

No surprise for the last two trading days we have closed around the 1215 area. So fascinating to see technical work and we got to come to reason the markets will do what it will do no matter the news which i call technical noise. Now for this week and maybe as soon as overnight are number to watch is 1190. 1190 is the magic number for the bulls as a lower close would nullify the bull flag on the longer time frame. 1190 is do or die in my opinion and lets face it we only have a month left for the market to try and assume some rally to make it a positive year though just marginal.

1215

Buls have to try and regain that before the close or 1203 is definitely in the cards-

Flush

wow we spliced through 1215- 1211 here this is getting ugly fast. Something is going on this can't just be the computers selling

WOW

Soon after I posted be careful of a break soon we lost 13 points on the S&P. I am looking if there is news but none I could find for us to sell off so hard. 1217 here but 1215 is the number to watch. Wow wild market- two days ago it liked like we heading higher looks like a head fake

No Man's Land

Nothing esciting happening and this is a sure sign of a move coming soon. Don't get too caught up in being bearish or bullish as we can go anyway. Please Note though we heading lower here bulls still have the momentum till we close below 1190 on the S&P

Oanda to clients

Oanda, one of the largest online currency trading platforms for retail investors, has some unusual advice for its customers: Stay out of the market. “We are encouraging our clients not to trade right now, but to watch the market carefully,” said Michael Stumm, president and chief executive at Oanda, in an interview. Oanda this week sent an email to its clients, advocating that they move to the sidelines and watch the markets tussle over each new headline out of Europe. Oanda had over 29,000 U.S. clients at the end of the first quarter, the most of any retail broker, according to the most recent data available from research firm Aite Group. The brokerage stands to lose revenue if customers heed its warning and trading volume falls. Online trading platforms like Oanda earn money on the spreads between the offering and asking prices in each transaction. But if Oanda clients stay in the market and lose big, they’ll walk away for good, Stumm said. “We want them to be with us for the long term,” he said. Currencies have swung wildly and unpredictably over the last few weeks as European leaders have struggled to agree on a comprehensive fix for the continent’s debt crisis. On Wednesday, the euro traded at $1.3495, up from a one-month low of $1.3429 hit earlier in the day. “Our analogy is that if there is a storm brewing, you don’t go out in a sailboat if you are an amateur sailor,” Stumm said. “If you are a real professional and have weathered multiple storms, then it might be a lot of fun, and you might get a lot out of it. … And I think the same holds true for the forex markets.” It’s too soon to say whether clients are heeding Oanda’s advice, said Dean Popplewell, the company’s chief currency strategist. Currency traders say they are fielding more calls from clients of all types looking for additional guidance on hedging and investment strategies. “Companies are taking a much closer look at all of their risks,” said Jack Spitz, managing director of foreign exchange, financial markets and derivatives at National Bank in Toronto. “They are spending much more time doing due diligence about tail risks and currency volatility.” That volatility, Stumm said, is “generally not good” for retail clients. During the financial crisis in 2008, Oanda saw a substantial drop in trading activity as clients, disappointed by losses or overcome by fear, withdrew from the market. Oanda is seeing parallels to 2008. Volatility also surged just before the 2008 recession, cautioned Oanda analysts. This week, seeing no end to the European debt crisis, and the currency market tumult it was causing, Oanda hit “send” on its cautionary email.

Short term difficult to assess

Short term here it is difficult to assess where the markets will break out to- Right now we are in a trading range and we will break higher or lower inevitably but the true answer is when! We are trading around the 200MA and that makes its more difficult (above 200MA bullish below bearish). Also one thing I see on the charts is a munch of tight triangles showing bear and bull triangle but because they are coiled whether they go is the problem in assessment.