It was quiet and choppy for most of the day today, until a late afternoon selloff bought us down to the lows of the day. A weaker dollar lead to some buying in the commodities (OIH, USO & SLV) but the late day sell off really made it feel weak.


I was short going into this afternoon’s selloff because the SPY couldn’t breakout through that SPY 117.61 (150 DAY MA on the SPY weekly chart) level I have been watching. Truth be told, one tick above that level and I probably would have covered and gone long but we never got there. The more we fail there, the more important it becomes so keep an eye on it.

Not expecting much tomorrow but there are two things I will watching the 117.60ish level on the SPY and IWM 67.71(20 day MA). The small caps (IWM) are a good measure of risk appetite and have helped lead this market. As a matter of fact IWM has been through its 150 day MA on the weekly chart for 5 weeks, but now it is rolling over and is testing its 20 day MA on the downside. I will be watching to see if the small caps are going to continue to lead the market lower or if we get a bounce off of this level.

ISM and construction spending at 10:00, nat gas #’s at 10:30 and then the big employment # on Friday morning when we will be home. Take it easy tomorrow and don’t press.

I have a handful of ideas for tomorrow but I doubt it will be good day so be very picky.

anf 46 long

foe 9 long

gmcr 98.5 long

gs 169.9 long

wlt 94 long

jag 9 short

wcrx 24.7 reversal/support buy on 150 day MA