SPY Volume Breakout

And there is still 1 hour left to trade.

End of day update:

Get Ready for the Lows

New lows coming soon, get ready to anticipate a significant rally once we significantly break the lows. I would not try to pick a bottom, just ride the rallies for a few points. The sellers will continue to step up. GOOG has a good chance of turning around now that it has broken 300.

SPY

Friday's lows and highs are important to watch. A break and a sustained rally/selloff will determine the markets direction. We might need more sideways action, but it seems that this market cannot stand still.

GOOG update

The horizontal lines I drew acted very well! 330 got a bounce to 340, then broke below. Now 310 seems to have some support. If this area is broken that means new lows for GOOG.

Ted Spreads

Ted Spreads have come down a great deal. This should help investor confidence and fuel a rally. Will 'all' the 'sideline' mine come back into the market to chase prices even higher? The reason for all the quotes is that I have doubts about how much of this money actually exists. But lets take it one day at a time and watch the inverse H&S formation pointed out in the previous blog entry.

Inverse H&S?

Courtesy of Trading with TK.

Futures are curiously +1.5% right now... not sure why.

Also, I have been sick last few days and not trading at all =(, which means I have missed the awesomeness of shorting MON or anything else in this market.

GOOG

Does not look too healthy.


A closer look, with some possible levels of support.


The trend is down.

McClellan

The McClellan oscillator says that we are still somewhat overbought. I also believe there could be some more profit taking to happen. The next few days should be neutral/bearish.

HW

For whatever reason I have stopped doing my stock hw on select nights. I figured this market is so emotionally driven that there is no point in looking at charts. This is especially true since 90% of stocks seem to simply trade with the market.

But I think it is time to stop being lazy and going through my charts again. Lets see what I can find tonight!

MON

Short, waiting for it to break 85.