Market Beat Down


Above Chart:  Uptrend (white line) held today.

Stocks began sliding at the sound of the opening bell amid weakness in Europe that was brought on by renewed fears of a potential Greek exit from the eurozone. With the January 25 Greek snap elections fast approaching, voices out of Germany have tried to calm investors, but those calls have fallen on deaf ears so far. Over the weekend, German Chancellor Angela Merkel said that a Greek exit from the eurozone would be manageable, but the comments did not stop the euro from falling below the 1.1900 level against the dollar immediately.

All ten sectors finished in the red with energy (-4.0%). Energy is a falling knife right now.

Our P&L was in good shape today and its nice not to feel big pain when the market is getting unhinged.

My oversold indicators (relative strength, stochastics and McClellan Oscillator) are close but not necessarily there on a short term basis. So hang in there and try not to be a hero.

See you on the morning. It was nice to see more people in the trading room today.

Welcome all the new folks.

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