9/2/2011 premarket notes/watchlist

Morning folks.  Futures looking a bit down today as market awaits job numbers.  This is why we went home flat yesterday with no positins you just never know what these days bring.   Typically there is always ONE or more fakeouts on job days.  Often very bad numbers with big gap downs get bought, bad numbers with gap ups get faded, and jobs suprises to the upside in major ways have a chance to run but often get faded.

Right now we are at 1.65% down on the $spy becareful trying to short here. Remember we trade setups only so we wait intraday till we see a potential support/breakout buy then we go in.  Never blindly and never rationalizing why something should go up and down.   We had a big run the past 10 days a very big run.  A dip is to be expected at some point..  thats why we have been shorting things for the past 3 days even when the market was green trying to catch the fade on the nasdaq using sqqqq.

No watchlist for today…all the plays i scanned for last night are gapping down 5%.   We will use etfs for our plays today.  FAZ, tza, tna, fas, drv, edc, edz