The markets are coming under a little bit of pressure down over 1% on the day. JPM has come into its 50 daily MA so it should ease some of the selling pressure on the markets.

Market Wrap Up: 04/19/12

No real updates today. We still have a bear flag on the SPY daily. I'd look to short the financials via SKF and FAZ.

Market Wrap Up: 04/18/12

We have a ripe BEAR FLAG pattern on the SPY daily chart. As long as price does not close above the 20-MA look for a move lower possibly down to the $134.00 level on SPY and $64.75 on QQQ.

Look out for stock symbol: YONG. It's a Chinese small-cap that I hold from $3.17. There is a macro bull pattern on its chart and has a micro bull pattern on the daily chart. We could see a move coming into it tomorrow.

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Market Wrap Up: 04/17/12

The stock markets were surprisingly stronger today. This bounce might last longer than anticipated and the market might continue rallying going into tomorrow. The most important sector to follow this week is technology. Look to short the QQQ if it gets to $67.55, we are still in a downtrend.

Market Wrap Up: 04/16/12

Nothing has changed. Market are still in a down trend. Look to short the market whenever you can. Tuesday or Wednesday will be a down day.

Market Wrap Up: 4/13/2012

Be careful going into next week. I'm expecting very large moves as earnings come in to play. Overall, the markets are weak and continue to look bearish. Expect the bears to pile in next week.

As I have said yesterday, the SPY was going to trade into the $139.00 level and then pullback. We came within just $.10 of that level yesterday and today the markets reverse. Learn to read the charts and you will profit! CNBC is saying "China GDP numbers disappointed," NO! The news does not matter!

No "Market Wrap Up" segment last night only because my view on this market hasn't changed since the last market wrap up.

The SPY is currently trading at $138.63, I think we will consolidate into $139.00 and then proceed on making new lows. The pullback is not over.

Market Wrap Up: 4/10/2012

Great flush to the 50 daily moving average on the SPY. I'm expecting the bears to take the next couple of days off before returning to take this market down some more. For now look for consolidation for the next 3-5 days and go short again. Major levels on the SPY are $132.50 and $127.65. $127.65 is the most important level if it were to break, we could be looking at more than a correction, it could be a BEAR MARKET.

Market Wrap Up: 4/09/2012

The bears are very much in control of this market. Profits are rolling in if you've been following my calls. We could have a flush into the daily 50-MA on the SPY tomorrow, if we close at the lows of tomorrow, WATCH OUT! I will release the major levels tomorrow.

Market Wrap Up: 4/05/2012

The markets are weak. A top is most definitely in at this point. We had a very weak job report on Friday and the futures are down over 100 points. SPY is heading to its 50-day moving average. Stay tuned and profit!

Markets are up but they are weak too. I was expecting this kind of behavior, I picked up some longs but they are only 1-day plays. I'll look to dump them as we approach the closing bell because I'm expecting a buy program to hit the market at the end of the day. If the buy program comes; great, if not, I think there will be a lot of selling coming as traders will not want to hold long positions going into tomorrow's job report. I still have all of my short positions.

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Market Wrap Up: 4/04/2012

Great day for those of us that are short the market. My call for a top held perfectly. I think tomorrow will be an up day which will be perfect because it will allow us to short even more. Any bounce will be short-lived in my opinion. With that said, I don't think these markets will go back to re-test the recent highs. A 50-78.6% retrace will be the time to jump short again. If the SPY retraces back to $140.80; I would look to go short and enjoy the ride down.

Market Wrap Up: 4/03/2012

The market is behaving different these days. The market isn't advancing in a light volume environment and we are beginning to see sellers come into this market. Gold took a big hit today on the back of a stronger USD. A strong USD usually means a weaker market. My call for a top remains as it has since this market topped 5 trading days ago. I think we have a good chance at breaking the 20-MA on the daily chart tomorrow.

Market Wrap Up: 4/02/2012

I remain bearish on this market. I still believe that the top is in and my top call hasn't changed. I added to my short positions today. Although we made new 52-week highs notice how we closed right on my top call.

If we reach double-top on the SPY, I will look to go short again. Approximately $141.85 on the SPY.

Market Wrap Up: 3/30/2012

Monday will prove to be a very significant day. I think it'll go one way or the other in a big way. We can have a gap up with a close near the highs of the day or a gap down with a close near the lows of the day. I happen to think that it'll be a big red day. Monday should determine whether or not we advance to new highs or begin a multi-week correction.

This morning's top call was NAILED! Just $.03 shy of my level. Amazing how technical analysis works.

Market Wrap Up: 3/29/2012

Today's green day did not come as a surprise since the SPY wasn't expected to break its 20-day moving average. It was surprising to see how robust the late day buy program was though. I'm still short this market and still believe that a market top is in place.

Tomorrow I'm looking for a sideways to up market retracing us back to the SPY $141.00-$141.20 levels and then we should see a fall. If we gap down and begin selling off tomorrow, $138.60 is very good support.

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Nice pop going into today's close. SPY is currently trading at $140.16, I wouldn't, however, rule out a late day sell off.

Good morning traders. It looks like my top call is coming to fruition with the S&P currently down 0.47%. For more downside pressure to come in to this market we need to take out the $139.65 level on the SPY.

Market Wrap Up: 3/28/2012

A late day rally saved the markets today. It almost seems like "they" knew to rally the market at the end of the day just to prevent a top.

I took a couple of shorts at the end of the day. A daily close above $141.85 will negate this top call.

Depending where we close today I think a top is almost in place. A close near the lows should trigger bearish action. Come back after the market has closed for a stock market update. I haven't jumped short yet.

Setting up a top?

Solid red day in the markets today. I'm not ready to call this a top yet we need to see follow through going into tomorrow. Once there is a top in place, any bounce should be short-lived.

Major resistance on the SPY are $142.80 and $144.30 if we get there.

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Be cautious about going long the stock market these days. Although there isn't a definite top in place a correction is coming. I will update you all when I begin to short the market.