The dollar index was strong today and ran right up to its 150 MA and backed off. It will be interesting to see if this acts as lid. 78 will be a good spot to watch tomorrow. It roughly coincides with today’s high, the 150 day MA and a prior support level going back to the end of the summer.

The GDX (gold miner’s etf) had been consolidating around its 50 day MA for the last week and broke down today on heavy volume. Look for this level to act as resistance with support down around 41 and the 200 day MA. GLD also broke below the 50 and has some support down around 105.

While today’s action was not good I think the action in the financials made things feel worse than they were. Small caps (IWM), Real Estate (IYR), Semis (SMH) & Transports (IYT) are still above the 20 & 50 Day MA’s. The homebuilders (XHB) even appear to have broken down trend line stretching back to the middle of September.

The RIMM earnings should help AAPL out some, but the action in the major financials is troubling. I still believe the index’s will close the year at or close to the highs but it will be hard to have any kind of real rally with stocks like GS, BAC & JPM not participating. All three closed on the lows at or below the 150 day MA.

Option ex is tomorrow, with GDP, existing home sales, personal income, new home sales, durable goods and jobless claims all coming next week before Christmas so I am not expecting too much action after the initial excitement.

The following ideas may be actionable tomorrow but be very selective and look for volume and relative strength or weakness. Also look at these spots as an opportunity to possibly fade the move.

expd 35
fast 40
genz 48 short
stx 17.5
sun 24.9 short
whr 80
Hig 23 could easily be a support buy look for real weakness and volume if trying short