VERY ugly close!!!

The markets are scaring the living hell out of people. Including myself. Petrifying...

If you look at the last 30 min of the day, the markets dumped pretty hard on heavy volume. This leaves me to conclude that not many are willing to hold overnight. Could dumping the last 30 min of the day be the start of a new trend?

I've been harping about the SPY $106 level. It would have given me more reason to believe in a rally tomorrow if we had only closed at or above $106. We closed @ $105.53.

Did you see how Gold closed the last 10 minutes of the day? Despite a stable dollar, Gold had a nice pop the last 10 minutes. Gold is a fear play. When people fear the market, they park their money in Gold as a safe-haven bet. Gold 60-min. chart looks VERY BULLISH.

The USO couldn't hold its intraday double bottom support. It sold the last 10 minutes of the day on volume at least 4x greater than the average amount traded throughout the day. DEFLATION near-term is the problem (years). A rising dollar=falling stock market.

This new market is NOT for the faint of heart. It will attempt to whipsaw many people out of positions; bulls and bears alike. DO NOT CHASE PRICES let it come to YOU!

I am still holding onto GS and USO, my stops are IN!
I'm currently down 0.2% and 0.5% respectively.

There should be a bounce coming, as long as tomorrow doesn't close below $105. I'm banking the dollar will fall tomorrow. That should lift the markets and commodities.
If the selling continues, I will practice what I preach: "DON'T GO LONG THIS MARKET, SHORT ON RETRACES!"

Resistance and Support for SPY:


GLD bull flag: