There was no follow through today from Friday’s bounce and it makes those lows that much more important. In the days to come keep an eye on the SPY 105 level and Fridays low in whatever you are trading. It is import that those levels hold. The range for the SPY now is the 50 day MA (110.53) above and 105 below.

The action today was really quiet and choppy with a bias to the downside. Gold, silver and copper lead with financials, oil services and real estate trailing.

Financials acted pretty poorly today and it helped bring GS down into important support. He really needs to hold the recent lows (135.75) and may end being the canary in the coal for the market. Keep an eye on him, a break down through this level on heavy volume would be bad for him and probably the market a bounce off of this support would help us all.

The Case Shiller home price index is out at 9:00 and consumer confidence at 10:00, but they probably will have little effect on the markets. Unless we get some bad news headline I think the next day or two are probably going to be like today and that would not be all bad. It gives the market a chance to catch its breath and set up some new alerts for us.

As a result I have very little for tomorrow. The following idea may be actionable tomorrow but don’t press

vrtx 34 short

abx 39.18 reversal/support buy on 200 day MA
ccl 34.19 reversal/support buy on 200 day MA
chd 63.34 reversal/support buy on 200 day MA
hrs 43.67 reversal/support buy on 200 day MA

infy 53.2 reversal/support buy on 200 day MA

nem 50.1 reversal/support buy on 200 day MA

netl 25.53 reversal/support buy on 200 day MA

veco 36.06 reversal/support buy on 200 day MA

vno 70.5 reversal/support buy on 200 day MA

gld 113.25 reversal/support buy on 200 day MA