Morning folks. Nasty gap down across the board. At this moment the SPY is down 2.74%. Looks like the market is reacting quite negatively to Greek Prime Minister Papandreou announced a referendum on the eurozone bailout, which increased fears that Greece may default. Couple with dissapointing china pmi and here we go! We are trading on a euro news cycle now so anything can happen. Thats how news is it comes in bunches when its good it piles on top of each other and when its bad it piles on top of each other..cascading the market lower and lower. Today will be a key day im trying not to make any hasty decisions or bias’s till i see the action today and the close. As we have seen in the past when we have been in a range…the market tends to swing in a direction and really have some follow through the selling starts to cascade. Ill be watchin the 20 and 50dma carefully to see if we get a bounce around those levels and stabilize. WE’ve been overbought for a while this dip if it can stabilize around here will give us a good chance to reset some charts. Lot of people been waiting patiently to get back in the market and not chase…today will be there chance to show if they are serious. The headlines will drive us be use the patterns and price action on smaller timeframes to guide your decisions they will show signs before the market reverses or follows through to the downside. They have been pretty reliable the past 2 months the intraday patterns.
p.s. im tired of these greeks. oh poor them they get to sit in the sun all day smoking ciggs braiding their chest hair while getting paid to riot.