Morning folks. Market looks like its gapping up again today just like yesterday. We have silver and gold down so far with oil (uso) strongly up. As of this moment its tough to say anything with certainty as we are getting false moves and fakeouts. The good thing is that we are holding s&p 1200 support maybe we can use this area to slwoly build a bottom. at this point its all guessing though as teh market is just playing games till the Fed meeting on friday. Big thing to see is if the gap today holds. There will probably be a strong attempt to sell into the gap and fade it by everyone….if the gap can hold we might actually get a few hours of reprieve from the selling to nail some good daytrades. Right now its a scalpers market on the longside as the fades come quick. Im still going to use the play book of the past week which is to fade bounce attempts unless this gap holds this morning that will get me looking at potential longs
if mkt turns keep an eye on the banks. both wfc and c look to be breking down.