Morning folks. Looks like we are heading for a lower opening. We are looking at nearly 2% gap down on the s&p. Oil is getting nailed again down 1.6%. After yesterdays breach we have some more bearish implications longterm. All eyes will be on bernanke today to see if he hints of any type of monetary easing/stimulus. Now that we have broken out of the range we can cascade much lower longterm. Shorterm I suspect a rally will be brewing as this gap down will get us down to some new levels of support. This is a bear market environment its very tough to get catch knives here but i do suspect that todays gap down could present a buying opportunity for a quick trade. Watch USO, AAPL, FCX for tells that the market might bounce. oil, aapl, and copper have led us down and need to lead. so please trade safe. here is my take on the indices.
