SPDR S&P 500 (SPY)

[Footquarters]

re markets






yesterday, was nothing more than a bounce, in my opinion. The ABC down is still in effect across the board the NDX is less of a killer, but it could be that this is consoldation or C move of a bigger ABC down on the NDX that will line up with the SPX/Dow move down. I will take a look at this. Since the SPX is the weakest link, shorts should be taken with the SDS over the QID in my opinion. The strongest index is the QQQQ or NDX and that is where the most gradification is on the long side using the QLD. Looks like anything I say this morning will seem like I looked at the futures, but relayed it to Gleno in a PM last night...LOL 48.50 is the area to watch with a down move past that we go to the short side again on the QQQQ.