We're headed lower tomorrow (65%)

Its been 2.5 hours into today's trading session, and I'm thinking a lower close tomorrow. The markets look like its just consolidating. The bears better take the SPY down to $112.70 by Thursday if they don't want $114.30 busted through.

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GLD revisits its neckline and pulls back.

GLD is finding resistance at its neckline. A revisit to the 20 day moving avg. looks to be a logical place to go next.


Last Wednesday, I mentioned how critcal $160 on GS was and that a big move would be coming. Sure enough the next day GS bursts through $160 on Thursday and then rallies another 2% on Friday. However it is coming into resistance.


For the SPY, I mentioned the critical level of $114.30. I said if the bears don't hold $114.30, we will see new highs! The high on Friday? $114.34! The bears did maintain $114.30 but they will have to shed blood this coming week.

Don't cry if...

This H&S pattern decides to play out, The bulls MUST hold $112.10 target: 200-MA
*Notice the light volume and how the market is trading inverse to the dollar


*GLD and USO are both trading in VERY VERY BEARISH patterns as well.

Neutral to positive going into tomorrow (55%)

We closed the day NEGATIVE like I said! But volume was so light that we couldn't get a triple-digit sell off...but what's new?

On the 10-min. chart of the SPY you can see why I am neutral going into tomorrow. My bias is to the upside only because there is a BEAR pattern on the Dollar and also BULL patterns on DIA and QQQQ.

GS will make its move soon. Between tomorrow until next Wednesday. $160 on GS is major resistance and it is trading in a BEAR pattern. If it falls look for $148 then ultimately $135....

And this is why it's important to understand volume...volume up markets DOWN and vice-versa. The light volume can be attributed to the ugly weather in NY that keep the big boys away from work.

We will be heading lower tomorrow (75%)

I picked up some EDZ today @ $5.08

Don't short a dull market

I want to caution the bears that when volume is light, the markets drift higher. Volume has been incredibly light these past 2 weeks.

This is a daily chart of the SPY and there is a case for a possible break out of an inverse head and shoulder or is it a fakeout? We will know tomorrow. Bears must hold $114.30 or we could make new HIGHS!

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TD Ameritrade was down

I had no charts to work with today. I trade with TD Ameritrade's platform but the charts weren't loading today. Sorry. Hopefully tomorrow will be different.