Wednesday June 16th, 2010

My calls/charts from the weekend were pretty spot on that we would rise most of the week on weak volume. We closed two days, barely above the 200 day moving average. This would normally be very Bullish, but I am feeling we did it on considerable weakness. We did it on very light volume and it just might be the final Bull trap.

I am hesitant to post tonight that we finished the seven day Bull move at the close of today's market because one last piece of verification is needed. A violent move downwards at tomorrow's open is needed to confirm. The extent of the move down will help further establish where we are.

The selling volume, the price movement, and the breadth of the market will determine if this is the move to 1040, or if we will experience more correction upwards on very light volume. If 1040 is broken next week, I dont have support until 900, which means it could get there in a hurry.





The Euro is still coordinating very nicely with our S&P futures. Tonight the Euro is looking rather weak. I am not too sure of "who" could ramp the Euro tonight, but I could wake up to once again see a strong Euro.