Morning folks looking like a flat open so far. Well that underlying strength that we had seen in the market the past week amidst the crazy news cycle finally evaporated. We started off low and kept cascading lower as the market looked for support but just couldnt find it anywhere breaking through 20dma and 50dma. Our next level of support will be last weeks low 1296 on the s&p. Things didnt look any better in any of the other indexes. Not a good spot to add swings…. in my port im not holding too many things overnight. got a few positions in my longterm swingport but the rest is just going to be daytrading till we pullback to a level where we can get a good bounce in the markets. This market has been in a range for a longtime.. a debt deal was not going to cause it to breakout ..the u.s. has been paying its debts since its inception to keep doing the status quo doesnt put the market in a rocket ship. We are in a range and digesting an epic monster run from 2009 it will most likely need to be somethign major to break us out of that range.
didnt see much else out there. IRE is popping premarket.. nice volume too almost 500k shares. should be in play for daytrades.
coffee stocks getting nice gaps too. should be inplay for daytrades. keep an eye on jva and cbou both have dumped nicely of late.
