The market has no life to it right now the 200 day MA on the SPY is acting as lid and until we can trade above there rallies are being sold. The oil spill and geo politics are hanging all over this market. Until we get some clarity on these issues I am afraid that we are going to have the choppy trading we have been seeing lately.


It feels like more of a buyers strike than forced or aggressive selling, but until we can get above the 200 day MA it appears the bears are in control.

I still consider AAPL & GS to be important stocks for the psychology of the market; continue to watch them closely as market tells. USO falls into this category as well. Considering how much focus there is on the oil spill USO may give us an early sense of direction. But the SPY range is still the 200 day MA above and 104 below watch those levels.

I have a few ideas for tomorrow but the charts are still a mess and these are minor. I expect more choppy and sloppy trading, especially ahead of the economic data coming out on Thursday and Friday.

bbt 28.51 reversal/support buy on 200 day MA

ceco 26.3 reversal/support buy on 200 day MA

ctxs 41.97 reversal/support buy on 200 day MA

fdo 39.09 reversal/support buy on 50 day MA

hog 27.84 reversal/support buy on 150 day MA

hrs 44.04 reversal/support buy on 200 day MA

mcd 65.01 reversal/support buy on 150 day MA

mhk 49.9 reversal/support buy on 200 day MA

mtb 75.12 reversal/support buy on 150 day MA

ufs 53.25 reversal/support buy on 200 day MA

wab 40.79 reversal/support buy on 200 day MA

mfe 31 short