Giveth and Taketh

{+++} For the day the SPX/DOW were -0.75%, and the NDX/NAZ were -0.55%. Bonds gained 7 ticks, Crude added 40 cents, Gold rose $1, and the USD was higher. Medium term support remains at the 1869 and 1841 levels.

It was a low volume day, but the bears were in charge. The Nasadaq was lower and the Russell took out yesterday’s efforts and its lows.

The Dow was lower buy 137 points and broke down lower form a 3 day bear flag.


The SPX is showing some weariness and has been bouncing off its 50 day moving average for the last four days. It should fish or cut bait either way soon.


I’m really watching this red uptrend line support on QQQ. If it breaks I think we could get a little unglued.  Right now it has just been bouncing around.


I spent much of today observing. Its a terrible market to trade so I’m looking fr setups. Most of them seem to present themselves form the short side. I am looking at stocks like this for bounces to possibly short.

X broke its 200 day ma with volume today. This one looks like 17 over the next 3 months.

CLF looks broken and looks headed to 15 for starters.

TGT looks broken has has monster problems

TWTR better hold 29

IBB has been bouncing off the 200 day for 6 weeks. Could flush a lot lower if this market gets unhinged.

 XLF looks broken for now and XLE is starting to break down. As I mentioned a week or so ago, these two sectors are key to the short term future of SPX as they have weight in that index.

I’m getting more bearish, but not there yet. They may just want to drill this thing lower for a couple of months though, and that is always on my mind.

Mostly cash.

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