Morning folks. Market looking a slightly weak open. Futures gone back and forth from green to red and back. Looks like we are going to be pretty flat at the open. Overseas markets were very strong with the German markets up around 3%. Today is a tricky day as we had a nice day yesterday but it all came in the last 45 minutes of the day with the rusell2k squeezing 6% in less then an hour and the s&p 4%. I got a sense of optimism from people and traders yesterday it will be important today to see if any dip in the markets get bought. We are having a slight gap down which could give traders an opportunity to get in the markets if they missed out yesterday. Follow through is always key when looking at markets. One day does not make trends we need to see follow through to really get an idea of where we are at in reality if not for a big buy program kicking in at the end of the day we might have tested lows yesterday and gapped down today! For the rest of the week yesterdays lows need to hold for us to develop a new range. My next level of support I will be looking at very carefully is the zone around s&p 1100
as always keep taking profits and raising stops. We are still in defensive mode here.
In terms of watchlist almost all stocks look the same. WE might have to play it by ear. I will be watching oil, copper, aapl for clues. Got my eye on some oil stocks for reversal trades.