MARKET UPDATE

I'm going to include Leading Indicators with the chart updates, but by the time I get those out, the market will have closed.

Lets just say after looking at everything (I'm capturing the charts now), I'm glad I closed the QQQ/SPY puts earlier, I think it was the best decision for what I can see at this time.

Going in to the close or tomorrow, I see no reason the signals that started yesterday don't make good, if they do get run over and there has been some very serious long term chart damage done, then that's just telling us how much worse off this market is than we thought and I think it's in pretty bad shape.


So I do anticipate a bounce, I do believe yesterday was part of it, but I also see the larger trends are showing significant damage done. As far as setting up the intraday trend or bounce, it's there, there's definitely a problem of relative performance, the SPY seems to look the best and if I had to go by the IWM or QQq only, I might call a bounce very questionable. So I do anticipate there to be a relative performance issue between the averages.

The rest I'l get out in charts, I still would NOT play thins long, but let the trade come to you and short in to it. As I said yesterday, if the bounce doesn't materialize, then your trend shorts and swing shorts work for you, if it does, there's no way in my view it can possibly hold so it makes for an excellent area to short in to, again a win either way unless you introduce risk and go long on a piggy back trade.