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Tuesday, March 15, 2011

The markets are getting smoked today on news from Japan. But this sell off seems to be based on panic and not market internals. We are oversold in the very near-term, and I expect consolidation.

Major levels on the SPY are: $118, 120,122, 124, 126, 128 (strange that the levels increment by two beginning with $118).

I'm still neutral to bearish, but wouldn't be surprised if we get a bounce here. Watch commodities, I think one more correction, and we can see some new-highs!

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2 comments:

  1. AnonymousMarch 15, 2011 at 3:48 PM

    spot on close today for XING @ $1.85 today after being down to $1.75

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  2. yourfinancialbloggerMarch 15, 2011 at 8:22 PM

    It sure was. I think a lot of "weak hands" got flushed out the first 60-minutes of the day (evident by the 413,000 sell volume--4x greater than average) forming a bottoming tail on the 60-minute chart. Now it's important that we close above $1.75. Typically, this is the set up for a bounce. For how long? Your guess is as good as mine...

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