The S&P broke that pretty bull flag today and the market let some air out of the tire. AAPL got hit hard again and there were some big intra-day reversals in names like PCLN and GOOG.
Th media reported that the folks in Madrid started hitting the streets in protest of the new austerity measures, and it seemed like old times as the market sold off. Frankly I don’t think it was Spain at all. I think we got a bit short term overbought and the market needed a reason to sell off.
1425-1435 is the next support for the SPX, and it may or may not be tested tomorrow.
I looked at a bunch of charts post close, and all I am seeing so far is an orderly retreat back to 20 day moving average support. I did short some GOOG and AAPL today for a day trade, but 90% was covered before the close.
See you tomorrow.