Afternoon Update

Thus far ERJ (idea contributed by a member and 3C confirmed before earning) still looks like it's a very shortable stock in this area. PG is more of a risk with that gap, but PFE long so far has had a healthy move, it's coming up on a pullback and may be a decent candidate for a long.

The SPY 10 minute 3C chart is stepping down like a set of stairs, the pullback or reversal I mentioned last night seems to be very real. Interestingly, the DOW which had been such a strong performer and the IWM which had been relatively weak, have now exchanged positions. The Q's are still not performing on a relative basis. I think there may be an attempt to get the IWM into a bull-type trap, which the S&P and DOW already did, this would not be good news for the bulls, of course everything under the surface thus far has not been good news to the bulls, but they've ignored it chasing the trend higher. Like I said last night, you need to check under the hood.