After the flash crash the SPY consolidated in a range between 115 and the 50 day MA. We broke that 115 support level early Friday and traded down almost 2%. The SPY held the 150 day MA (112.62) but at this point I think a test of the 200 day MA (110.21) is almost a lock.


Confidence levels in the market are pretty shaky right now you can see it in the selloff in equities and the rise in gold. We got a trillion dollar European bailout to save the markets last week; how are they going to top that?

The charts are pretty messy right now and I don’t have a lot of clean spots that I like. The following ideas maybe actionable tomorrow or early this week but take it easy the markets are likely to be thin, whippy and subject to rumors.

chrw 59 short

dgx 54 short

mos 47 short

vrtx 37 short

axp 38.53 reversal/support buy on 200 day MA

bbt 32.78 reversal/support buy on 50 day MA

bcr 80.9 reversal/support buy on 200 day MA

bhi 44.07 reversal/support buy on 200 day MA

bj 36.72 reversal/support buy on 50 day MA

dv 58.16 reversal/support buy on 200 day MA

fdx 81.45 reversal/support buy on 200 day MA

hrs 45.96 reversal/support buy on 150 day MA

infy 55.31 reversal/support buy on 150 day MA

mmm 81.06 reversal/support buy on 150 day MA

stx 16.87 reversal/support buy on 200 day MA

teva 55.72 reversal/support buy on 200 day MA

urs 45.92/.76 reversal/support buy on 200 day MA