Market Notes

The SPX seems tired with some of our lead "tell" stocks such as AAPL GOOG BIDU acting exhausted. We're in a tight consolidation pattern in the S&P 500 (still in the same zone as the SPX chart we put up yesterday) and our game plan here is to take it easy until we get a better edge.

Our thinking is that we're not going to be leaving this range without some kind of fundamental news as technically the major indices look like they're low on juice.

As we wrote last week we seem to be entering a more difficult market (at least personally speaking for our own PnL). Expect more of the same until the range breaks (923-952). A break-out of SPX 952 would probably take it to 1000. A break-down of 923 would take it down to the 20/200 SMA around 915 and if those did not hold, then the 50 SMA around 880. Consolidation over SMAs and under resistance is considered bullish.

Conclusion: sit tight until we break the range -- after that most likely there will be better opportunities.