Very Interesting

http://www.businessinsider.com/josef-ackermann-euro-banks-speech-frankfurt-2011-9#ixzz1X76elvHS

Back

Back from a great trip over the long holiday. So getting on the computer about an hour ago to see what happened while I wasn't here and kaboom the futures are down huge overnight. over 250 DOW points and 30 S&P. I am sure there is some news rattling the overseas market but as I have been saying this market is going to have a rough time.
I can't understand why people needs to be in the market! CASH is a position, folks buying and saying a stock is cheap is no reason to buy! those stocks can get cheaper and something most people dont correlate is that when funds are selling they sell everything. Actually alot of funds now trade ETF heavily and that means no individual stock is spared from this volatility.

For those who believe the banks are cheap, I say this "They will get cheaper actually alot cheaper, so no need for me to step up here and guess this is some bottom". GS is bound to see $75 before all the selling is done, MARK THAT DOWN. BAC too will see below $6.50 very very soon.

I wont believe the selling is over till GOOG gets close to $400 or in the $300 area but that's just me.

Away

Going away for a few days but doing some work on a larger time frame - The S&P looks like it can make a bullish pattern which would target 1241 then 1275. We will see how it pans out after we get back from the holidays. In the meantime we are moving on little volume and expect it to get worse going into the holiday weekend.

Light

Very light volume on this trading day. I expect it to be like this till after the holidays so no forcing stuff here- Higher resistance looks like 1223 area on the S&P and would be a nice short area if we hit it overnight since we are due for a turn around tuesday.
Watching Oil and Gold as I believe they will soon start moving inversely, YES I said it but we will wait for a signal.

GOLD

Look for some support on GOLD around 94 area. Looks like a bullish pattern developing and I would be buying at those levels

Warren Bufet

Well Warren Buffet can't save the markets maybe he will save BAC for the moment but just look at the reality of this amazing gap up and they all sold it off in the pits. That should make us really cautious that the big guys want out of this market.

APPLE will suffer the same in a year I can see that stock much lower. I have to admit Steve Jobs is one of the most is not the most visionary minds of our times, it will way on the company for sure. I remember getting my first MAC computer @14 and it has been a love affair ever since.

Wish him all the blessings and hope he can recover fully from this cancer

BAC

Important number for BAC is $5.75, must hold this number on the downside or we will visit the $3 range