going into today i felt we would selloff the mornings nas gap and approach 1400. we didnt get there but came close. To me it feels like we need to take 1400 out on our way to a date with 1375 before any bounce can occur. I am not of the belief that we set a higher high in nas in dec or jan or etc. 890 spx, 1375 nas and 1020 ndx should provide a bounce point if we do go down tomorrow. IMHO todays failure to rally is a sign of major weakness. I have some indicators that say we should go up as well, but am having a tough time believing them today.
disclosure: short fund closed last night. Holding spx puts from 935 spx and the rest is cash.
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