Tuesday, July 12, 2011

Look what happened while you were sleeping

We bounced right at the previous top of the range on the $ES_F — click to enlarge:
Too bad it happened at 3 AM…   Anyway, that’s the line in the sand going forward and the line that the bulls will have to defend against all lehman-cello type events.
News tapes are our least favorite tapes, add the fact that our beloved semis are getting clocked today, and you’ll find us mostly chilling today.  We have numerous alerts that could trigger but the market would need to firm up before anything like that occurs.  As for being a bear — not until we close under the March 2009 trend-line on the $SPY.
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