Evening folks. The market finally had a dip after 2 weeks of runup incurring the largest losses in the indices of the past 2 weeks weighed down by some renewed euro worries and the . The s&p failed to break of the range that we have been in the past couple months providing an easy area for traders to sell stocks and solidifying resistance. Its very hard for markets to breakout of key ranges when we were so overbought the breakouts that tend to stick come off an initial thrust then a slight consolidation as it works off the condition otherwise you tend to get false moves to the upside that fade. We were prepared for it for the most part holding almost all cash as the market was so overbought and right at a key resistance level. When market is at a range its always important to stay light at the top of the range as any small piece of news give traders an incentive to take profits and start dumping positions. It was still an entertaining day for daytraders though as the buyout in ANDS put a nice bid in small biotech stocks along with some news of some potential m&a in the smallcap oil&gas stocks. Stocks like DPTR, BDCO, ROYL, FUEL, LEI that have been resting on bottoms for months came alive with some impressive breakouts. Tomorrow will be a key day as will see if “turnaround tuesday” still holds true. We have had some big runs this past month on tuesdays if it holds true that could send us right back into resistance if not then a test of the 50 day moving average looks to be in the cards. Tomorrow we have some earnings from major banks if they blow it could lead to some pressure in the markets and run to the FAZ train. Earnings will be front and center this whole week so far I have not seen any impressive earnings breakouts so far and we have seen some duds with IBM, CROX ETC. Tomorrow im going in pretty flat and if we get a gap down will be looking for signs for “turnaround tuesday” if I dont see it I will stay light till the market taps back to the 50 day moving average giving me a low risk entry back into the market as we work off this overbought situation.